TCRAP_Public/150326.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, March 26, 2015, Vol. 18, No. 060


                            Headlines


A U S T R A L I A

ALPHATISE LTD: Documents, Accounts Leak Following Collapse
COVERALL MELBOURNE: Fined AUD500,000 For Franchising Rules Breach
FORTESCUE METALS: May Need to Sell Assets, Morgan Stanley Says
HOMEART PTY: Staff Fear Chain Maybe Liquidated by End March
KADAE NOMINEES: Creditors Meeting Set For March 31

YARWUN QUARRIES: Business Up for Sale


C H I N A

CHINA ORIENTAL: Moody's Says Caa1 CFR Unaffected by 2014 Results
EVERGRANDE REAL: Hearing on Short-Seller Case Begins
GEMDALE CORPORATION: 2014 Results No Impact on Moody's Ba1 CFR
GUANGZHOU R&F: S&P Puts 'BB-' CCR on CreditWatch Negative
KAISA GROUP: S&P Lowers CCR to 'D' on Missed Coupon Payments

KAISA GROUP: Can't Survive if Takeover Deal Fails, Sunac Says
R&F PROPERTIES: S&P Puts 'BB-' CCR on CreditWatch Negative


H O N G  K O N G

EFFICIENCY GROWTH: Creditors' Proofs of Debt Due April 6
INTEGRITY GROWTH: Creditors' Proofs of Debt Due April 6
WINLAND OCEAN: Hires Claro Group as Advisor & Robert Ogle as CRO
WINLAND OCEAN: Hires Okin & Adams as Counsel


I N D I A

AGRAWAL COTSPIN: CARE Assigns B+ Rating to INR8.0cr LT Loan
ALP MILK: CRISIL Assigns 'B' Rating to INR110MM Term Loan
ANAND MINE: CARE Assigns B+ Rating to INR5.75cr LT Loan
B P AGRO: CRISIL Reaffirms B Rating on INR250MM Cash Credit
BABBAR AGRO: CRISIL Reaffirms B+ Rating on INR55MM Cash Credit

BRAHMAPUTRA TECHNOLOGIES: CARE Reaffirms B+ INR14.5cr Loan Rating
CORE EDUCATION: CARE Reaffirms D Rating on INR696.40cr LT Loan
DASHRATH PRASAD: CRISIL Reaffirms B+ Rating on INR42.7MM LT Loan
DELTA PAPER: CRISIL Raises Rating on INR300MM LT Loan to B-
DEVANSHI POWERS: CARE Reaffirms B+ Rating on INR9cr LT Loan

GANGA JAMUNA: CRISIL Lowers Rating on INR50MM Cash Loan to B+
GANGOTRI JHABUA: CARE Reaffirms B- Rating on INR87cr LT Loan
GOYAL COTTON: CARE Reaffirms B+ Rating on INR9.01cr LT Loan
GREENBRILLIANCE ENERGY: CARE Cuts Rating on INR7.5cr Loan to D
JAGDAMBA CEREALS: CRISIL Cuts Rating on INR197.5MM Cash Loan to D

KATARIA SNACK: CRISIL Assigns B+ Rating to INR100MM LT Loan
KEVIN CERAMIC: CARE Reaffirms B+ Rating on INR7.84cr LT Loan
KISAN OLEOCHEM: CARE Assigns B+ Rating to INR0.09cr LT Loan
KOSHIYA ENTERPRISE: CRISIL Assigns B+ Rating to INR150MM Loan
KUFRI HOTELS: CARE Reaffirms D Rating on INR25.87cr LT Loan

M. G. GOLD: CRISIL Assigns B+ Rating to INR450MM Term Loan
M. K. PRODUCTS: CARE Reaffirms B Rating on INR5.98cr LT Loan
MAA SHAKUMBARI: CARE Lowers Rating on INR7.25cr LT Loan to D
MANGALDEEP RICE: CRISIL Reaffirms B Rating on INR82.4MM Term Loan
MAWANA SUGARS: CRISIL Suspends D Rating on INR5.21BB Cash Credit

NARAYANADRI HOSPITAL: CRISIL Rates INR120MM Long Term Loan at B
NORTHERN POWER: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan
OM ENERGY: CRISIL Reaffirms B+ Rating on INR383.5MM Term Loan
P. M. INDUSTRIES: CRISIL Assigns B- Rating to INR50MM Cash Loan
PANCHKROSHI SHIKSHAN: CARE Lowers Rating on INR7.8cr LT Loan to D

PANDURANGKRUPA INDUSTRIES: CARE Rates INR6.14cr LT Loan at B+
R. K. INDUSTRIES: CRISIL Assigns B Rating to INR180MM Cash Credit
RAAJ MAHAL: CARE Assigns 'B' Rating to INR37cr LT Bank Loan
RAMDEV COTTON: CARE Revises Rating on INR9.50cr LT Loan to B+
REAL GRANITO: CARE Reaffirms B+ Rating on INR22.15cr LT Loan

S B IMPEX: CRISIL Reaffirms B+ Rating on INR50MM Whse Financing
SATYA PRAKASH: CARE Reaffirms B+ Rating on INR4.50cr LT Loan
SAVITA CONSTRUCTION: CARE Assigns 'D' Rating to INR14.42cr Loan
SHIMLA EDUCATION: CRISIL Cuts Rating on INR141.5MM Loan to 'D'
SHIV COTTON: CARE Reaffirms B+ Rating on INR5.80cr LT Loan

SHREE SECO: CARE Reaffirms C Rating on INR5.01cr LT Loan
SINTEX INDUSTRIES: Moody's Assigns Ba2 CFR, Outlook Stable
SINTEX INDUSTRIES: S&P Assigns 'BB-' CCR; Outlook Stable
STAR IRIS: CARE Lowers Rating on INR4.8cr LT Loan to B+
SUPER AGRI: CARE Downgrades Rating on INR35cr LT Loan to B

TEBMA SHIPYARDS: CARE Reaffirms 'B' Rating on INR237.19cr Loan
UKN PROPERTIES: ICRA Assigns 'B' Rating to INR5.0cr Term Loan
VINAYAKA EDUCATIONAL: CRISIL Reaffirms B Rating on INR70MM Loan


N E W  Z E A L A N D

MANA RECOVERY: Goes Into Voluntary Liquidation; Closes Store
NEW ZEALAND BAPTIST: Fitch Assigns 'B+' IDR; Outlook Stable


P H I L I P P I N E S

PHILIPPINE WOMEN'S: Court OKs Start of Corporate Rehabilitation


S I N G A P O R E

VELA DIAGNOSTICS: In Judicial Management; 150 Jobs at Risk


                            - - - - -


=================
A U S T R A L I A
=================


ALPHATISE LTD: Documents, Accounts Leak Following Collapse
----------------------------------------------------------
Andrew Sadauskas at SmartCompany reports that documents and
accounts from collapsed tech startup Alphatise Ltd have been
leaked, showing the Rich Lister-backed shopping site has lost
AUD3.2 million before tax off just AUD278,566 in revenue so far
during the 2015 financial year.

SmartCompany relates that the documents, published by Business
Insider, show Alphatise spent AUD1.8 million during financial year
2015 on staff, AUD366,318 on public relations, AUD245,063 on
investor induction and consultants, as well as AUD117,879 on
travel and vehicles.

Last financial year, the company accumulated a net loss before tax
of AUD1.071 million, with just AUD9211 in revenue, SmartCompany
relays.

Alphatise Ltd is an online shopping company whose shareholders
include Rich Lister and Western Australia-based technology
entrepreneur Zhenya Tsvetnenko. The company was placed into
administration on March 5, 2015 with Vaughan Neil Strawbridge and
David Lombe of Deloitte being appointed administrators.


COVERALL MELBOURNE: Fined AUD500,000 For Franchising Rules Breach
-----------------------------------------------------------------
Andrew Sadauskas at SmartCompany reports that Coverall Melbourne,
the trading entity of South East Melbourne Cleaning Pty Ltd, has
been taken to the cleaners, with the Federal Court fining the
company AUD500,000 for breaches of the Australian Consumer Law in
relation to the company's dealings with prospective franchisees.

SmartCompany says the court found Coverall Melbourne engaged in
unconscionable conduct in its dealings with two prospective
franchisees, making false or misleading representations, and
contravening the Franchising Code of Conduct.

According to the report, Justice Murphy also found Coverall
Melbourne engaged in unconscionable conduct by failing to pay the
franchisees for the work they had completed, yet continued to
demand payment for the initial franchising fee.

The case was initiated by the ACCC in July 2014, with deputy chair
Michael Schaper describing the decision as "important for all
involved in the franchise industry," SmartCompany relates.

"By imposing a penalty of AUD500,000, the court is seeking to
deter other franchisors from engaging in similar conduct,"
SmartCompany quotes Mr. Shaper as saying.  "This is a clear
message that franchise businesses must ensure they comply with
their obligations under the Australian Consumer Law and
Franchising Code of Conduct."

Ivan Glavas of Worrells Solvency and Forensic Accountants was
appointed liquidator of Coverall Melbourne on Sept. 11, 2014.


FORTESCUE METALS: May Need to Sell Assets, Morgan Stanley Says
--------------------------------------------------------------
Prashant Mehra at The Australian reports that Fortescue Metals
Group may need to consider either an equity issuance or asset
sales, as it only has a short window remaining to refinance its
debt, Morgan Stanley has said.

The Australian relates that an equity issuance could potentially
dilute holdings of the company's two largest shareholders --
founder Andrew Forrest and Hunan Valin.

On the other hand, any sale of stakes in its Pilbara
infrastructure would likely add to margin pressure for the
company, besides involving giving up control of its largest
investment, Morgan Stanley analysts said in a note to clients, The
Australian relays.

According to The Australian, the analysts said Fortescue could
also consider a partial sale of the whole business, say 15-20 per
cent -- into a joint venture structure.

Fortescue chief executive Nev Power told The Australian that the
possible sale of a minority stake in some or all of its Pilbara
iron ore mines was among a series of options available as it looks
at alternatives to tackle its debt.

The Australian says the iron ore miner last week abandoned a
planned US$2.5 billion refinancing after it was unable to secure
acceptable terms from both the US term loan and bond market.

The company's ability to issue secured debt would likely end by
June, and high coupon bonds would just add margin pressure, the
Morgan Stanley report estimated, adds The Australian.

                      About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western Australia
and exporting it from Port Hedland.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2015, Standard & Poor's Ratings Services said it has
affirmed its issue ratings on Fortescue Metals Group Ltd.'s
(Fortescue) senior secured debt at 'BBB', following Fortescue's
withdrawal of its proposed US$2.5 billion senior secured note
offering.  S&P also affirmed the issue rating on the company's
senior unsecured debt at 'BB'.  The withdrawal of the voluntary
refinancing is due to unfavorable debt capital-market conditions.
S&P notes that Fortescue has no debt maturing until April 2017.

At the same time, S&P removed both ratings on the debts issued by
Fortescue's financing subsidiary FMG Resources (August 2006) Pty
Ltd. from CreditWatch with negative implications, where they were
placed on March 5, 2015.  The recovery ratings remain unchanged at
'1' (very high recovery) for the secured debt and '5L' (10%-30%,
lower half of the range) for the unsecured debt.


HOMEART PTY: Staff Fear Chain Maybe Liquidated by End March
-----------------------------------------------------------
Andrew Sadauskas at SmartCompany reports that there are growing
fears Homeart could be liquidated, with the iconic homewares chain
offering discounts of up to 80% on merchandise and claims the
company's administrators are struggling to find a buyer.

Daniel Austin Walley, Phil Carter and Mark Robinson of PPB
Advisory were appointed administrators of Homeart on January 23,
with an aim of finding a new buyer for the iconic chain.

Homeart had 116 stores and 600 employees at the time it went into
administration, with 13 of its worst-performing stores already
closed.

A source close to Homeart, who asked not to be named, told
SmartCompany many of the company's staff now fear that no buyer
has been secured for the chain, formerly known as Copperart, with
a possible liquidation coming as soon as the end of this month.

According to SmartCompany, the source said employees are keeping
their heads down and are avoiding making waves, but are resigned
to the fact they will most likely end up being made redundant.

"They just haven't been able to find a way to offload the company
-- there just are no takers -- and the administrators just aren't
capable of turning the business around," the source told
SmartCompany.

SmartCompany relates that the source said a key factor in the
company's decline has been problems in terms of merchandising and
suppliers.

"There was no flexibility and no adaptability in the buying.
Especially with electrical goods, they were buying inferior
products that just weren't up to scratch," SmartCompany quotes its
source as saying.  "The standard had dropped significantly and
that led to excessive returns these were genuinely faulty
products."

According to the report, Homeart is currently running a "Stocktake
Sale" with discounts of up to 80% on the ticketed price of
products as the administrators attempt to clear stock.

SmartCompany says another well-placed source at the company
suggested that even if a last-minute buyer is found, it is likely
at least some additional stores will be closed over the coming six
to eight weeks.

Daniel Walley, Phil Carter and Mark Robinson of PPB Advisory were
appointed as Voluntary Administrators of Homeart Pty Ltd,
Copperart Pty Ltd and Copperart Holdings Pty Ltd on Jan. 22, 2015.
At the time of the appointment, the Homeart chain had 116 stores
across Australia, with around 600 employees, but no longer had any
franchises, SmartCompany said.


KADAE NOMINEES: Creditors Meeting Set For March 31
--------------------------------------------------
Timothy Clifton and Simon Miller of Clifton Hall were appointed
Joint and Several Liquidators of Kadae Nominees Pty Ltd on March
20, 2015.

A meeting of creditors will be held at 11:00 a.m. on March 31,
2015, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


YARWUN QUARRIES: Business Up for Sale
-------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the business of Yarwun Quarries Queensland
Pty Ltd.  The company has been operating a quarry in a location
that has 230 ha leased area for more than twenty years. The
company has been extracting hard blue volcaniclastic
siltstone/arenite source rock meant for infrastructure projects
like road constructions, Dissolve.com.au says.

The quarry has 5,000t per day production capacity at its
historical peak. The property's lease extends to December 2033
with available options of 2x20 year, the report discloses.

According to Dissolve.com.au, the sale of the business includes
all its assets essential for continuing the business. Such
includes the quarry mining royalty agreement, the quarry lease,
intellectual property and business goodwill.



=========
C H I N A
=========


CHINA ORIENTAL: Moody's Says Caa1 CFR Unaffected by 2014 Results
----------------------------------------------------------------
Moody's Investors Service said that China Oriental Group Company
Limited's Caa1 corporate family and senior unsecured debt ratings
and negative rating outlook are not affected by the company's 2014
results announcement.

"Although China Oriental's profits improved and debt leverage
declined in 2014, its liquidity risk -- a primary risk factor --
remains elevated, positioning the company at the Caa-rating
level," says Franco Leung, a Moody's Vice President and Senior
Analyst.

China Oriental's gross margin improved to 4.8% in 2014 from 3.1%
in 2013, due to higher production volumes and lower raw material
costs.

The company's production increased by 8.1%, higher than the
national average. The increase resulted from its proactive shift
in product mix to include more strips and rebars, and it took over
some volume from small inefficient players that exited the market.

In addition, the company's improved profits reflect lower raw
material costs, which have absorbed the impact from lower average
steel prices.

While the company's total debt remained unchanged at RMB8.9
billion, the improved profits lowered its debt/EBITDA to 4.5x in
2014 from 5.0x in 2013.

However, Moody's expects domestic steel demand to slow against the
backdrop of China's lower GDP growth target and cooling property
investments. The continued decline in steel prices indicates the
operating environment will remain challenging for China Oriental
in 2015.

"China Oriental still faces high repayment risk on its offshore
senior unsecured notes," says Jiming Zou, a Moody's Assistant Vice
President and Analyst, and the Local Market Analyst for China
Oriental.

Although the company repurchased and canceled a total of USD191
million notes through a repurchase offer in February, mainly
through discounting bank acceptance notes, it has yet to refinance
its outstanding USD352 million notes due in August 2015.

The repayment of the notes depends on its ability to obtain
external funding through onshore bank facilities or discounting
bank acceptance notes, both of which are subject to market
conditions.

Moody's expects the company's access to bank financing to remain
challenged, due to bank's tight lending policies towards the
Chinese steel industry. In addition, the suspended stock trading
has impacted the company's access to the equity capital markets.

Moody's will continue to monitor the company's progress in
securing financing for its USD352 million notes due in August. The
ratings could be upgraded if China Oriental significantly lowers
its near-term refinancing risk through long-term debt or by
redeeming its 2015 notes.

In addition, a possible general offer by ArcelorMittal (Ba1
negative), as indicated by China Oriental in the recent update on
its public float issue, and if completed, could also trigger a
review for upgrade.

The principal methodology used in this rating was Global Steel
Industry published in October 2012.

China Oriental Group Company Limited, with total steel
manufacturing capacity of 11 million tonnes per annum, mainly
manufactures H-section steel products and hot rolled strips/strip
products at its steel mills in Hebei Province. The company listed
on the Hong Kong Stock Exchange in 2004. It is 45%-owned by its
founder, Mr. Han Jingyuan, and 29.6% by ArcelorMittal.


EVERGRANDE REAL: Hearing on Short-Seller Case Begins
----------------------------------------------------
Langi Chiang and Enoch Yiu at South China Morning Post reports
that a Hong Kong tribunal started a preliminary hearing on
March 18 involving the head of US short-seller Citron Research
over allegations that Citron published a "false and misleading"
report about China's fourth-biggest developer, Evergrande Real
Estate Group, in 2012.

SCMP relates that the hearing, in the Securities and Futures
Commission's first such action against activist short-selling
firms, coincides with fresh signs that heavily indebted Evergrande
has become a target as global investors become increasingly
worried about pressure on Chinese developers' cash flow in the
wake of peer Kaisa Group Holdings' offshore debt defaults and the
industry's struggle to overcome a serious glut, particularly in
third and four-tier cities where Evergrande has a strong presence.

At the city's Market Misconduct Tribunal, representatives of
Citron chief Andrew Left disputed allegations made by the SFC in
December that he made a profit of about HK$1.7 million by
publishing a report on June 21, 2012, stating, among other things,
that Evergrande was insolvent and had consistently presented
fraudulent information to the investing public, according to the
report.

"The report pertained to Evergrande and was negative in the sense
that it stated, inter alia, that the company was insolvent and had
consistently presented fraudulent information to the investing
public," the SFC submission said, SCMP relays.  "The information
in the report was false or misleading . . . The company was not
insolvent and nor had it consistently presented fraudulent
information to the investing public."

According to the report, the SFC submission said Mr. Left "was
reckless or negligent" to release a report that was "false or
misleading" to lure other investors to trade the shares for his
own profit and hence might have committed market misconduct.

Short-sellers sell borrowed shares, buy them back at lower prices
and pocket the difference, the report says.  They often accuse
listed firms of misleading accounting, and rely on securities
traders and the media to spread the word for maximum impact. Their
approach makes up for the lack of an activist investor culture in
Asia. But their reports do not always have an impact on shares and
they are sometimes accused of making sensationalist claims, SCMP
states.

SCMP says investors have remained concerned about Evergrande's
thinly stretched finances. According to SCMP, some analysts said
its net debt ratio would be much higher than the 89.6 per cent
stated in its interim report if the CNY44.5 billion in perpetual
bonds were counted as debt instead of equity.

SCMP notes that the company will announce its 2014 earnings later
this month. It issued a positive profit alert earlier this month,
predicting annual net profit growth of between 25 per cent and 35
per cent.

The report says Evergrande shares fell 1.4 per cent on March 17 to
HK$3.44 after US equity research firm JL Warren Capital alleged it
had defaulted on loans to a major construction company in China.

The Guangzhou-based developer denied the allegation, the report
notes. "This is pure rumour," SCMP quotes Evergrande as saying.
"Our co-operation with all contractors has been normal."

Evergrande said it had offered 55 per cent discounts to sell down
inventories of car-parking and commercial retail space, the report
adds.

SCMP reports that a Hong Kong-based property analyst said the
likelihood that Evergrande had defaulted on the construction loans
was not high. Otherwise, state-owned Bank of China would not have
signed a CNY30 billion credit line to the developer earlier last
week, the report notes.

According to SCMP, Evergrande said the agreement followed similar
pacts last month with three other lenders -- Agricultural Bank of
China, Postal Savings Bank of China and China Minsheng Bank -- for
a total of CNY70 billion in credit lines.

SCMP adds that JL Warren Capital's head of research, Li Junheng,
said on March 18 that she was most concerned about Evergrande's
cash flow, as the latest official data pointed to very slow sales
in small cities despite policy support and that mainland banks
could lend under government instruction to keep companies like
Evergrande afloat, considering the need to maintain employment and
social stability.

                        About Evergrande

Evergrande Real Estate Group Limited is one of the major
residential developers in China.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 12, 2015, Standard & Poor's Ratings Services assigned its
'B+' long-term issue rating and 'cnBB-' long-term Greater China
regional scale rating to a proposed issue of U.S. dollar-
denominated senior unsecured notes by Evergrande Real Estate Group
Ltd. (BB-/Negative/--; cnBB/--).  The ratings are subject to S&P's
review of the final issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Evergrande to reflect the structural
subordination risk.  The company intends to use the proceeds from
the proposed issuance to refinance its existing debt.

The rating on Evergrande reflects the company's weak financial
position due to aggressive debt-funded expansion, its limited
record of prudent financial management, and execution risk in new
industries.  Evergrande's strong sales execution, competitively
priced projects, and good cost controls temper these weaknesses.
Additional rating support comes from the company's large and
geographically diversified project portfolio.  Evergrande's sales
performance was solid in 2014.  The company's contracted sales in
2014 were stronger than that of major peers, at Chinese renminbi
131.5 billion, and exceeded its full-year sales target.


GEMDALE CORPORATION: 2014 Results No Impact on Moody's Ba1 CFR
--------------------------------------------------------------
Moody's Investors Service said that Gemdale Corporation's full-
year results for 2014 are in line with Moody's expectations.
Consequently, the results will not immediately impact Gemdale's
Ba1 corporate family rating and negative outlook.

"Gemdale's financial metrics are at the weaker end of its Ba1
corporate family rating, and is reflected in its negative
outlook," says Kaven Tsang, a Moody's Vice President and Senior
Analyst.

However, Moody's points out that Gemdale's credit metrics --
including its EBITDA margin and EBITDA/interest -- improved in
2014 versus 2013, against the backdrop of revenue growth and
better cost controls and hence reducing immediate downward rating
pressure.

Gemdale's revenues grew 31% year-on-year to RMB45.6 billion, due
to an increased number of project deliveries in 2H 2014.

Meanwhile, its EBITDA margin rose to 20.9% in 2014 from 16.7% in
2013, due to the recognition of products with higher margins, and
the company's efforts to reduce selling and administrative
expenses.

As a result, the company's EBITDA interest coverage improved to
around 3.4x in 2014 from 2.5x in 2013.

"Moody's expects that Gemdale's margins will remain soft in the
next 12 months, because of the challenging operating environment
in China's property market since 2014," adds Tsang, who is also
Moody's Lead Analyst for Gemdale.

Consequently, the company' EBITDA interest coverage could fall
slightly to around 3.2x-3.4x in the next 1-2 years. Such a result
would continue to position the company at the weak end of its Ba1
corporate family rating.

Gemdale achieved around a 9% year-on-year growth in contracted
sales in 2014 to RMB49 billion, but this result was below the
company's target of RMB54 billion.

Moody's expects the company's contracted sales to achieve modest
growth of between 5%-10% in 2015. The slow growth will limit the
improvement in its credit metrics over the next 1-2 years.

Nonethless, Gemdale's Ba1 corporate family rating continues to
reflect its demonstrated discipline in managing the company's
growth and land acquisitions, as well as its good liquidity
position and access to funding.

As a result, its leverage -- as measured by revenue to adjusted
debt -- was at 104% at end-2014. Such a result supports its Ba
profile.

Moody's expects that Gemdale's revenue/adjusted debt will stay at
around 100%-105% over the next 1-2 years.

As for liquidity, Gemdale's cash to short term debt was adequate,
at 114% at end-2014. In particular, its cash balance of RMB17
billion at end-2014 and projected operating cash flows are
sufficient to cover its short-term debt of RMB15 billion, as well
as committed land payments over the next 12 months.

The negative outlook reflects Gemdale's low profit margin and
EBITDA/interest coverage; both of which position it at the lower
end of the Ba1 rating level.

The negative outlook also reflects the challenging property market
in China over the next 12 months, which in turn will result in
uncertainty as to whether or not the company can maintain credit
metrics that are within the parameters of its Ba1 rating category.

A rating upgrade is unlikely given the negative outlook.

Nevertheless, the outlook could return to stable if Gemdale: (1)
successfully implements its business plan to achieve large and
stable sales volumes; and (2) stabilizes or improves its profit
margins such that its EBITDA/interest coverage stays at around
3.5x on a sustained basis.

On the other hand, the rating could be downgraded if: (1) The
company fails to roll out its business plan, resulting in
contracted sales and/or operating cash flows that are weaker than
Moody's expects; (2) Gemdale accelerates the pace of its
development projects and/or rolls out an aggressive land
acquisition plan, such that its liquidity weakens, with its cash
holdings falling substantially below that of its short-term debt;
or (3) Its profit margin remains under pressure, such that its
EBITDA/interest falls below 3.00x-3.25x over the next 12 months.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Incorporated in China, Gemdale Corporation is one of the leading
developers in China's residential property sector. It began its
property development business in Shenzhen in 1993 and has
progressively expanded its business to cover China's seven major
regions. At end-2014, its land bank totaled around 26 million
square meters in gross floor area.


GUANGZHOU R&F: S&P Puts 'BB-' CCR on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating and 'cnBB+' long-term Greater China
regional scale rating on Guangzhou R&F Properties Co. Ltd. (R&F)
on CreditWatch with negative implications.  R&F is a China-based
property developer.

"The CreditWatch placement reflects our view that, over the next
six to 12 months, R&F's cash flows and leverage could weaken more
than our earlier base-case expectation," said Standard & Poor's
credit analyst Matthew Kong.  "This deterioration would occur if
the company's property sales remain weak and margins continue to
be compressed in 2015."

R&F missed its annual sales target of Chinese renminbi (RMB) 60
billion in 2014, despite a strong growth of 29%.  Also, the
company's contracted sales declined 31% year on year to RMB4.1
billion in the first two months of 2015.

R&F's 2014 results were weaker than we expected.  Slippage in
revenue recognition and lower margins resulted in the leverage and
interest coverage deteriorating more than S&P's base case
forecasts.  The company's EBITDA interest coverage declined to
1.9x, which is below S&P's threshold of 2x for a downgrade, from
3.3x in 2013.

Furthermore, R&F's liquidity and funding flexibility may weaken
and the company could face increased refinancing risk because of
its high short-term debt maturities.  Trust loans and high-cost
funding instruments account for about two-thirds of R&F's short-
term debt due in 2015.  R&F's unrestricted cash reduced
significantly in 2014, weakening the company's liquidity buffer.

In S&P's opinion, R&F's onshore funding capability is key to its
liquidity positon, given the weak sentiment in the offshore
capital markets toward Chinese developers.  The company's chances
of securing material fresh funding in the domestic capital markets
are uncertain.

S&P aims to resolve the CreditWatch within the next three months.
For the resolution, S&P will review R&F's property sales prospects
and profit margin trend and their likely impact on the company's
cash flows, liquidity, and leverage.  S&P will also discuss with
management R&F's growth strategy and appetite and its financial
policies and funding plans relating to such growth.

S&P may revise the outlook to negative or lower the rating by one
notch if it believes that: (1) R&F's property sales and
profitability will deteriorate materially; (2) the company's
leverage will rise without any signs of improvement over the next
six to 12 months such that its EBITDA interest coverage falls
below 2x; or (3) its refinancing risk heightens because of
weakened access to new funding.


KAISA GROUP: S&P Lowers CCR to 'D' on Missed Coupon Payments
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Kaisa Group Holdings Ltd. to
'D' from 'SD'.  S&P also lowered its long-term issue ratings on
the China-based property developer's senior unsecured notes to 'D'
from 'CC'.  As a result of the downgrade, S&P lowered its long-
term Greater China regional scale rating on Kaisa to 'D' from 'SD'
and on the notes to 'D' from 'cnCC'.

"We downgraded Kaisa after the company missed coupon payments on
its senior unsecured notes of US$250 million (maturing in 2017)
and US$800 million (2020)," said Standard & Poor's credit analyst
Dennis Lee.

Coupon payments of about US$52 million were due on March 18 and
March 19, 2015.

S&P do not anticipate that the company will make the payment
within the 30-day grace period, given its stressed liquidity.  S&P
also do not believe that Kaisa will pay its other debt
obligations, given its ongoing negotiations with onshore and
offshore creditors.

In S&P's view, it is highly uncertain whether Kaisa can complete
its onshore and offshore debt restructuring within a reasonable
amount of time.  Offshore bondholders have already rejected the
company's original restructuring proposal.  Prolonged
restructuring negotiations could make Sunac China Holdings Ltd.
(BB-/Watch Neg/--; cnBB+/Watch Neg/--) reconsider and withdraw
from its conditional acquisition of Kaisa.

Even if the restructuring is done, S&P expects it to be at a deep
discount to the existing debt terms.  The restructuring would then
be a "distressed offer," as per S&P's criteria for exchange
offers.

Kaisa's operating performance has been stagnant for the past three
months.  The company recently disclosed that its total cash
balance has significantly reduced to Chinese renminbi (RMB) 1.9
billion as of March 2, 2015, from about RMB11 billion as of
June 30, 2014.  Available cash was only RMB566 million.  At the
same time, Kaisa's short-term borrowings surged to RMB29.8 billion
as of Dec. 31, 2014.


KAISA GROUP: Can't Survive if Takeover Deal Fails, Sunac Says
-------------------------------------------------------------
Clare Jim at Reuters reports that developer Sunac China urged
creditors of its takeover target, Kaisa Group Holdings, to accept
a plan by the struggling property firm to restructure $2.5 billion
in debt or risk the company running out of cash by end-April.

Sunac's comments come days after a group of Kaisa offshore
bondholders rejected the company's debt proposal, according to
Reuters.  Sunac had said any deal was conditional upon Kaisa
resolving its debt issues, the report notes.

At an earnings briefing, Sunac Chairman and Chief Executive
Officer Hongbin Sun said Kaisa's financial woes were "very
severe", and warned his company would walk away from the deal if
its bondholders did not cooperate, the report relates.

"Offshore creditors don't understand Kaisa's real situation," the
report quoted Mr. Sun as saying.  "If they understand they will
think the proposal is a reasonable one," Mr. Sun added.

Kaisa declined to comment on its finances, saying it would report
its own earnings on March 31.

Standard & Poor's Ratings Services (S&P) downgraded Kaisa's credit
rating on Tuesday to 'default' after the company missed two coupon
payments due last week totaling around $52 million.  S&P said it
does not expect Kaisa would be able to restructure its onshore and
offshore debt anytime soon.

Kaisa's debt woes underscore the risk developers face in China's
slumping property sector, which has been hit by the slowing
economy and a raft of cooling measures, the report notes.
Official data showed average new home prices fell at the fastest
pace on record in February, also raising concerns about the
finances of the highly leveraged developers, the report relays.

Kaisa's bonds due 2018 traded at 60/61, a point off morning highs,
with traders saying bondholders appeared unfazed by what they
called "scare tactics," the report discloses.

Sunac has been trying to grow its market share aggressively
through acquisitions, the report notes.  Rui Guo, credit analyst
at Mitsubishi UFJ Securities, said Kaisa's takeover would be a
cheap way for Sunac to expand in the rapidly growing Pearl River
Delta market, the report says.

"Chairman Sun's main focus is to get the deal done," Mr. Guo said,
the report notes.

Sunac, which has a market value of just under $3 billion, agreed
in February to buy a 49.25 percent stake in Kaisa, a lifeline for
the company which ran into financial trouble after the authorities
froze some of its projects late last year, the report notes.

Under Kaisa's plan for its offshore and convertible debt, the
maturity on six sets of bonds due each year through to 2020 would
be extended by five years and coupons would be slashed, the report
relays.  There would, however, be no reduction in principal.

Kaisa's liquidation would have worse consequences for creditors
than the current restructuring plan: a report by advisors Deloitte
Touche Tohmatsu said offshore creditors in a liquidation scenario
would only receive 2.4 percent of what they were owed, the report
adds.


R&F PROPERTIES: S&P Puts 'BB-' CCR on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating and 'cnBB+' long-term Greater China
regional scale rating on R&F Properties (HK) Co. Ltd. (R&F HK) on
CreditWatch with negative implications.

At the same time, S&P placed its 'B+' long-term issue rating and
'cnBB' Greater China regional scale rating on the company's
outstanding senior unsecured notes on CreditWatch with negative
implications.

S&P placed its rating on R&F HK on CreditWatch with negative
implications after a similar rating action on the company's
parent, Guangzhou R&F Properties Co. Ltd. (BB-/Watch Neg/--;
cnBB+/Watch Neg/--), earlier.

"We placed the parent company, Guangzhou R&F Properties, on
CreditWatch negative because its leverage and liquidity could
further deteriorate in the next six to 12 months if property sales
and profit margin are weaker than expected in our base-case
scenario," said Standard & Poor's credit analyst Matthew Kong.

S&P assess R&F HK, the Hong Kong-based offshore investment holding
company, as a "core" subsidiary of Guangzhou R&F.  Therefore, the
rating and outlook on R&F HK move in tandem with those on
Guangzhou R&F.

S&P aims to resolve the CreditWatch on R&F HK within the next
three months, after it resolves the CreditWatch on Guangzhou R&F.
S&P may revise the outlook on R&F HK to negative or lower the
rating by one notch, in step with the rating action on Guangzhou
R&F.


================
H O N G  K O N G
================


EFFICIENCY GROWTH: Creditors' Proofs of Debt Due April 6
--------------------------------------------------------
The creditors of Efficiency Growth Fund GP Limited are required to
file their proofs of debt by April 6, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 3, 2015.

The company's liquidator is:

          Emily Chih Hsuan Chiang
          Apt 72B, Tower 1
          The Harbourside
          No.1 Austin Road West
          Kowloon
          Hong Kong
          Telephone: (852) 3666 9888
          Facsimile: (852) 3665 0003


INTEGRITY GROWTH: Creditors' Proofs of Debt Due April 6
-------------------------------------------------------
The creditors of Integrity Growth Fund GP Limited are required to
file their proofs of debt by April 6, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 3, 2015.

The company's liquidator is:

          Emily Chih Hsuan Chiang
          Apt 72B, Tower 1
          The Harbourside
          No.1 Austin Road West
          Kowloon
          Hong Kong
          Telephone: (852) 3666 9888
          Facsimile: (852) 3665 0003


WINLAND OCEAN: Hires Claro Group as Advisor & Robert Ogle as CRO
----------------------------------------------------------------
Winland Ocean Shipping Corporation, et al., seek authorization
from the U.S. Bankruptcy court for the Southern District of Texas
to employ The Claro Group, LLC as Debtors' financial advisor and
consultant and Robert Ogle as Debtors' chief restructuring
officer.

The Debtors require Claro Group to serve as, financial advisor and
consultant in this case and to:

   (a) analyze the cash position and cash needs of the Debtors
       and all related entities and businesses;

   (b) analyze claims against assets held by the Debtors and all
       related entities and businesses;

   (c) provide technical and analytical support with regard to
       the abandonment, return or liquidation of the Debtors'
       assets;

   (d) provide technical and analytical support in connection
       with the reconciliation and collection of pre- and post-
       petition Accounts Receivable;

   (e) provide technical and analytical support in connection
       with the preparation or amendment of the Debtors'
       Schedules and Statement of Financial Affairs and for any
       related entities or businesses, if necessary;

   (f) prepare operating reports and financial statements;

   (g) provide forensic accounting and litigation support
       services to the Debtors;

   (h) provide forensic data preservation and data analytics;

   (i) provide a cash management system to control cash deposits;

   (j) analyze employee payroll information; and

   (k) provide such other services as may be required by the
       Debtors.

In addition to the general support services to be provided by
Claro Group, Ogle has been retained to act as the Debtors' CRO.

As more fully set forth in the Consent, Claro Group, as CRO, will
exercise the following powers as an officer of the Debtors:

   (a) to execute and file all petitions, statements, schedules,
       motions, lists, applications, pleadings, plans and other
       papers in these chapter 11 cases and, in connection
       therewith, to employ, retain and obtain assistance from
       other legal counsel, accountants, financial advisors or
       other professionals or advisors which he deems necessary,
       proper or desirable in connection these chapter 11 cases.

   (b) to open and close any bank or deposit accounts, negotiate,
       execute, deliver, certify, file and/or record and perform
       (or to cause the negotiation, execution, delivery,
       certification, filing and/or recordation and performance
       on behalf of the Debtors of) such agreements, instruments,
       motions, affidavits, applications for approvals or rulings
       of governmental or regulatory authorities, certificates or
       other documents, and any amendments or supplements
       thereto.

   (c) to take such other action, pay all fees and expenses, and
       do or cause to be done all such further acts and thins as
       in the discretion of the CRO appear to be or become
       necessary, proper or desirable in connection with these
       chapter 11 cases or the other matters contemplated by the
       Consent.

The Debtors propose to pay Claro Group, in connection with the
Engagement Letter and these chapter 11 cases, as follows (the "Fee
Structure"):

   -- Fixed Monthly Fee: Upon the entry of an order approving
      Claro Group and Ogle's retention, the Debtors will pay
      Claro Group a fixed monthly fee of $18,000 per month, which
      monthly fee shall be calculated on a period of thirty (30)
      calendar days.

   -- Retainer: Claro Group has received a pre-petition retainer
      of $110,000 from the Debtors.  As of the Petition Date, a
      balance of $62,453.59 remained.

   -- Non-Debtor Guaranty: Pursuant to the Engagement Letter,
      Pioneer Creation Holdings Limited, the parent company of
      Winland, and Mr. Li Honlin have each agreed to guarantee
      payment of fees in excess of the retainer.

   -- Expenses: The Debtors will be responsible for all of Claro
      Group's reasonable and customary out-of-pocket expenses
      incurred by Claro Group in this engagement.

   -- Success Fee: The Debtors have agreed to pay Claro Group a
      success fee in the amount of $150,000 upon completion of
      (i) a sale of all, or substantially all, of the company's
      assets, (ii) the confirmation of a reorganization plan of
      the company, or (iii) confirmation of a liquidating plan of
      the company that distributes money to unsecured creditors
      or equity holders.

Douglas J. Brickley, managing director of Claro Group, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Okin & Adams can be reached at:

       Douglas J. Brickley
       The Claro Group, LLC
       1221 McKinney Street, Suite 2850
       Houston, TX 77010
       Tel: (713) 454-7741
       Fax: (713) 236-0033
       E-mail: dbrickley@theclarogroup.com

                    About Winland Ocean Shipping

Winland Ocean Shipping Corp. is mainly engaged in ocean
transportation of dry bulk cargoes worldwide through the ownership
and operation of dry bulk vessels and chartering brokerage
services. The company operates in the People's Republic of China,
Japan, Korea, the Russian Federation, and southern and eastern
Asia.  Winland Ocean Shipping is based in Sheung Wan, Hong Kong.

Winland Ocean Shipping Corporation and its five affiliates sought
protection under Chapter 11 of the Bankruptcy Code on Feb. 12,
2015 (Bankr. S.D. Tex., Case No. 15-60007).  The case is assigned
to Judge David R Jones.

The Debtors are represented by Matthew Scott Okin, Esq., George Y.
Nino, Esq., and Ruth E. Piller, Esq., at Okin & Adams LLP, in
Houston, Texas.  The petition was signed by Robert E. Ogle, chief
restructuring officer.


WINLAND OCEAN: Hires Okin & Adams as Counsel
--------------------------------------------
Winland Ocean Shipping Corporation, et al., seek authorization
from the U.S. Bankruptcy court for the Southern District of Texas
to employ Okin & Adams LLP as counsel to the Debtors.

The Debtors require Okin & Adams to:

   (a) advise the Debtors with respect to their rights, duties
       and powers in this case;

   (b) assist and advise the Debtors in their consultations
       relative to the administration of this case;

   (c) assist the Debtors in analyzing the claims of the
       Creditors and in negotiating with such creditors;

   (d) assist the Debtors in the analysis of and negotiations
       with any third party concerning matters relating to, among
       other things, the terms of plans of reorganization;

   (e) represent the Debtors at all hearings and other
       proceedings;

   (f) review and analyze all applications, orders, statements of
       operations and schedules filed with the Court and advise
       the Debtors as to their propriety;

   (g) assist the Debtors in preparing pleadings and applications
       as may be necessary in furtherance of the Debtors'
       interests and objectives; and

   (h) perform such other legal services as may be required and
       are deemed to be in the interests of the Debtors in
       accordance with the Debtors' powers and duties as set
       forth in the Bankruptcy Code.

As set forth in the Declaration, Okin Adams has received from the
Debtors a collective retainer of $300,000, which was remitted in
four payments between Nov. 17, 2014 and Feb. 12, 2015.

Immediately prior to the bankruptcy filing, Okin Adams applied the
Retainer to pay all fees and expenses then incurred by the
Debtors.

In total, Okin Adams was paid $76,663.31 in fees and expenses
prior to the Petition Date.  As of the filing of the Debtors'
bankruptcy cases, Okin Adams was not owed any fees and expenses by
the Debtors, and $223,336.69 of the Retainer remained in the
client trust account.

Matthew S. Okin, partner Okin & Adams, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

Okin & Adams can be reached at:

       Matthew S. Okin, Esq.
       OKIN & ADAMS LLP
       1113 Vine St. Suite 201
       Houston, TX 77002
       Tel: (713) 228-4100
       Fax: (888) 865-2118
       E-mail: mokin@okinadams.com

                    About Winland Ocean Shipping

Winland Ocean Shipping Corp. is mainly engaged in ocean
transportation of dry bulk cargoes worldwide through the ownership
and operation of dry bulk vessels and chartering brokerage
services. The company operates in the People's Republic of China,
Japan, Korea, the Russian Federation, and southern and eastern
Asia.  Winland Ocean Shipping is based in Sheung Wan, Hong Kong.

Winland Ocean Shipping Corporation and its five affiliates sought
protection under Chapter 11 of the Bankruptcy Code on Feb. 12,
2015 (Bankr. S.D. Tex., Case No. 15-60007).  The case is assigned
to Judge David R Jones.

The Debtors are represented by Matthew Scott Okin, Esq., George Y.
Nino, Esq., and Ruth E. Piller, Esq., at Okin & Adams LLP, in
Houston, Texas.  The petition was signed by Robert E. Ogle, chief
restructuring officer.



=========
I N D I A
=========


AGRAWAL COTSPIN: CARE Assigns B+ Rating to INR8.0cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Agrawal Cotspin Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8          CARE B+ Assigned
   Short-term Bank Facilities    1.20       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Agrawal Cotspin
Private Limited (ACPL) are constrained primarily on account of its
modest scale of operations in the highly fragmented and
competitive cotton ginning industry, thin profit margins,
leveraged capital structure and weak debt coverage indicators. The
ratings are further constrained on account of working capital
intensive nature of its operations and modest liquidity coupled
with susceptibility of its operating margins to cotton price
fluctuation and seasonality associated with the cotton industry.

The ratings, however, continue to derive strength from the
experienced promoters in cotton ginning business coupled with
strategically located within the cotton producing belt of Gujarat.

The ability of ACPL to increase the scale of operations,
improvement in capital structure along with better working capital
management are the key rating sensitivities.

Bodeli-based (Baroda) ACPL is a private limited company engaged in
the business of cotton ginning & pressing and cotton seed
crushing. Established in the year 1997, by Mr Manubhai Agrawal,
ACPL is operating from its plant with an installed capacity of
60,000 metric tonnes of cotton bales and 2700 metric tonnes of
cotton seed per annum as on March 31, 2014.

As per the audited results of FY14 (refers to the period April 1
to March 31), ACPL reported profit after tax (PAT) of INR0.23
crore on a total operating income (TOI) of INR45.36 crore as
against PAT of INR0.26 crore on a TOI of INR31.07 crore. As per
the provisional results for 10MFY15, ACPL registered turnover of
INR38 crore.


ALP MILK: CRISIL Assigns 'B' Rating to INR110MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of ALP Milk Foods Pvt Ltd (ALP).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          54.3        CRISIL B/Stable
   Term Loan           110.0        CRISIL B/Stable

The rating reflects company's below-average financial risk profile
and weak liquidity position as a result of insufficient internal
accruals to meet debt obligations. The rating also factors in
ALP's modest scale of, and working-capital-intensive nature of
operations. These rating weaknesses are partially offset by the
benefit the company receives through the funding support from its
promoters.

Outlook: Stable

CRISIL believes that ALP's financial risk profile will remain
constrained on account of its weak liquidity position resulting in
insufficient cash accruals against its debt obligations, however
being supported by funding support from the promoters. The outlook
may be revised to 'Positive' if the company achieves significant
improvement in its scale of operations and profitability leading
to improvement in accruals to meet its upcoming debt repayments.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected revenue growth and/or profitability, or lack
of timely funding support to service its debt obligations leading
to pressure on its liquidity position.

ALP was incorporated as a private limited company in December,
2012 and is managed by its key promoter Mr. Rajeev Kumar. The
company is engaged in manufacturing milk & milk products like ghee
and skimmed milk powder under its brand 'Maa Anjani'. ALP's
manufacturing facility is located at Firozabad, Uttar Pradesh.

The company reported net loss of INR15.9 million on an operating
income of INR360.2 million for 2013-14, as compared to net loss of
INR13.3 million on an operating income of INR106.5 million for
2012-13.


ANAND MINE: CARE Assigns B+ Rating to INR5.75cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Anand Mine Tools Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    5.75        CARE B+ Assigned
   Short term Bank Facilities   1.60        CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Anand Mine Tools
Private Limited (AMTPL) are constrained on account of short track
record and small scale of operations along with high customer and
supplier concentration risk. The ratings are further constrained
on account of moderate profitability margins, leveraged capital
structure and weak liquidity indicators.

The ratings, however, draw support from the experience of the
promoters, group support, strong customer profile and contract
with its major customer for maintaining mining machineries giving
it revenue visibility for the next five years.

The ability to increase the scale of operations, improvement in
profitability margins and managing the working capital
requirements efficiently are the key rating sensitivities.

Nagpur based AMTPL, was incorporated in the year 2010 by Mr
Tukaram Jawade along with his son Mr Hemant Jawade.
AMTPL is a part of Anand Group engaged in various types of
activities related to drilling, works contract for commissioning &
erection with manpower supply to mining industry, trading of
engineering goods and others. AMTPL is engaged in the trading of
pumps, spare parts, and earthmoving machineries and also
maintenance of mining machineries.

The income from trading and services stood around 86% and 14%
respectively in FY14. AMTPL has a five years service contract for
maintenance of mining machineries for Sandvik Asia Private Limited
(SAPL) started in July 2014. Furthermore, the supplier base of the
company includes Doosan Infracore Private Limited (DIPL) and AR
Wilfley Pvt Ltd (AR) which accounted for almost 100% of the
purchases for AMTPL during FY14. The company is the sole dealer
for DIPL for the regions of Vidharbha (Maharashtra) and
Chhattisgarh. The goods traded by the company find application in
coal, power, infrastructure, construction, mining, and fertilizers
segment.

During FY14 (refers to the period April 1 to March 31), AMTPL
earned a PAT of INR0.09 crore on a total income of INR4.40
crore as against a PAT of INR0.04 crore on a total income of
INR5.75 crore for FY13.


B P AGRO: CRISIL Reaffirms B Rating on INR250MM Cash Credit
-----------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of B P Agro
Industries (BPA) continues to reflect BPA's weak financial risk
profile marked by high gearing and small scale of operations in
the highly fragmented industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          250         CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's large working capital
requirements, and exposure to risks relating to regulatory
changes, vagaries in the monsoon, and fluctuations in raw material
prices. These rating weaknesses are partially offset by the
extensive experience of BPA's promoters and their financial
support.

Outlook: Stable

CRISIL believes that BPA will maintain a stable business risk
profile, backed by the extensive experience of its promoters in
the rice industry. Its financial risk profile is, however,
expected to remain constrained by high gearing and weak debt
protection metrics. The outlook may be revised to 'Positive' in
case of significant improvement in the firm's financial risk
profile, due to capital infusion or improvement in scale of
operations. Conversely, the outlook may be revised to 'Negative'
if significant increase in debt to fund working capital
requirements or capital expenditure weakens the firm's financial
risk profile.

Update
BPA's sales declined to INR661.7 million in 2013-14 (refers to
financial year, April 1 to March 31) from INR757.9 million in
2012-13, due to low inventory available for sale'the management
had been delaying replenishments to inventory expecting prices to
decline. However the firm reported stable realisation, given the
steady demand from customers. The operating margin was stable at
around 6 per cent. CRISIL believes that BPA will report marginal
growth in sales and stable operating margin over the medium term
on account of subdued demand from export market.

BPA's financial risk profile remains constrained by large working
capital requirements, marked by gross current assets of 265 days;
seasonal availability of key raw material has necessitated
maintaining large inventory and working capital debt. However, the
firm arranges the funds by pledging the inventory; utilisation of
bank limits has, therefore, been average at around 52 per cent.
Consequently, the gearing has been high (at 8.43 times as on March
31, 2014) and is expected to remain at between 6 and 7 times over
the medium term. The interest coverage and net cash accruals to
total debt ratios were at 1.70 times and 0.01 times, respectively,
for 2013-14, and are expected to remain at these levels in future
owing to low profitability.

For 2013-14, BPA reported a book profit of INR9.6 million on net
sales of INR661.7 million, against a book profit of INR9.6 million
on net sales of INR757.9 million for 2012-13.

BPA is a partnership firm set up in 2001 by the Ohri and Davesar
families. The firm mills and processes basmati rice at its mill in
Tarn Taran District of Punjab.


BABBAR AGRO: CRISIL Reaffirms B+ Rating on INR55MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Babbar Agro
Industry (BAI) continue to reflect BAI's working-capital-intensive
and modest scale of operations in the intensely competitive rice
milling industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           55         CRISIL B+/Stable (Reaffirmed)
   Inventory Funding
   Facility              30         CRISIL A4 (Reaffirmed)
   Long Term Loan        15         CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's below-average financial risk
profile, marked by high gearing and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of BAI's proprietor.

Outlook: Stable

CRISIL believes that BAI will continue to benefit over the medium
term from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase substantially, resulting in higher-than-
expected accruals and hence to an improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if BAI undertakes aggressive debt-funded expansions, or its
working capital management deteriorates further, or if its
profitability declines, leading to weakening of its liquidity.

Update
BAI has registered moderate growth in its scale of operations,
with an operating income of INR371.5 million in 2013-14 (refers to
financial year, April 1 to March 31) as against INR237.3 million
in 2012-13. The firm has achieved operating income of around
INR370 million for the 10 months through January 2015, and is
expecting operating income of around INR440 million in 2014-15.
Although the prices of rice have declined in 2014-15, the firm's
sales growth is driven by increased volumes. Its operating margin
is expected to be stable at 6.0 to 6.5 per cent over the medium
term, but will remain susceptible to volatility in raw material
prices.

BAI's financial risk profile is weak, marked by high gearing of
11.74 times as on March 31, 2014, and a weak interest coverage
ratio of 1.3 times in 2013-14; the interest coverage ratio is
expected to remain at a similar level over the medium term due to
low operating profits. The firm's gearing is expected to remain
high at around 10 times over the medium term; however, the gearing
may improve in case the promoters infuse equity of around INR10
million as planned in 2014-15 and 2015-16. BAI's capital structure
is leveraged due to the seasonal nature of its business, which
requires the firm to stock inventory during the season for meeting
its requirements for the whole year. This is reflected in its
reliance on bank limits and the use of its warehousing limit of
INR130 million during peak season. BAI has had high gross current
assets (GCAs) of over 200 days in the three years ended March 31,
2014; the GCAs are expected to remain at this level over the
medium term. The firm's annual cash accruals  of INR6.0 million to
INR7.0 million are expected to remain sufficient to meet its
annual term loan obligations of INR3 million to INR4 million over
the medium term.

BAI reported a profit after tax (PAT) of INR0.64 million on net
sales of INR370.4 million during 2013-14 as against a PAT of
INR4.0 million on net sales of INR236.5 million during 2012-13.

BAI was set up as a proprietorship firm in 2010 by the Mr. K L
Babbar. The firm processes both basmati and non-basmati rice at
its facility in Fazilka (Punjab). Mr. Babbar is planning to
reconstitute the firm as a partnership firm with the induction of
his son, Mr. Anmol Babbar, as a partner in 2015-16.


BRAHMAPUTRA TECHNOLOGIES: CARE Reaffirms B+ INR14.5cr Loan Rating
-----------------------------------------------------------------
CARE reaffirms the long-term rating and assigns the short-term
rating to the bank facilities of Brahmaputra Technologies.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.5       CARE B+ Reaffirmed
   Short-term Bank Facilities     1.5       CARE A4 Assigned

Rating Rationale
The ratings of Brahmaputra Technologies (BTL) continue to be
constrained by its short track record of operation, vulnerability
of profitability to volatile raw material price, high working
capital intensity of operations and its presence in the highly
competitive and fragmented wire industry. The ratings also factor
in its small scale of operations, net loss in FY14 (refers to the
period April 1 to March 31) and its partnership form of
constitution with inherent risk of withdrawal of capital in time
of contingency and firm being dissolved upon the
death/retirement/insolvency of the partners.

The ratings, however, continue to draw comfort from the long-
standing experience of the partners in the wire industry and
location advantage in terms of favourable government policies.

Going forward, the ability of the firm to improve its scale of
operations with simultaneous improvement in profitability margins
and effective working capital management would be the key rating
consideration.

BTL was setup as a partnership firm in April 2012 by Mr Sanjeev
Jaiswal and Mr Pritomjit Hazarika based out of Guwahati, Assam, is
engaged in the manufacturing of black wire, G.I. wire & wire
nails. The manufacturing facility of the firm is located in
Guwahati, Assam. The unit commenced commercial production in June
2013, with an installed capacity of 6,700 metric tonne per annum
(MTPA).

In FY14 (refer to the period June 01 to March 31), the firm has
reported a total operating income of INR14crore and net loss
INR1.6 crore. Till January 2015, the firm has maintained to have
achieved a total operating income of INR17 crore.


CORE EDUCATION: CARE Reaffirms D Rating on INR696.40cr LT Loan
--------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities & instruments
of Core Education & Technologies Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term fund based bank    696.40      CARE D Reaffirmed
   limits
   Short-term non-fund based    150.00      CARE D Reaffirmed
   bank limits
   Non-Convertible Debentures   150.00      CARE D Reaffirmed
   NCDs)

Rating Rationale
The reaffirmation of the rating assigned to the bank facilities &
instruments of Core Education & Technologies Limited's (CETL) is
on account of on-going delay in servicing of rated debt
obligations due to company's weak liquidity position.

CETL was incorporated on April 11, 1985 as a textile trading
company named Akhileshwar Trading Company Limited. It shifted its
focus towards the Information Technology (IT) domain in 2003. In
2005, CETL ventured into the education segment and through several
acquisitions within this segment, gradually expanded its business
globally. At consolidated level, the company reported loss of
INR494.32 crore on Total Operating Income (TOI) of INR1,240.20
crore in FY14 (refers to period April 01, to March 31) as compared
to Profit After

Tax (PAT) of INR270.90 crore on TOI of INR1,907.48 crore in FY13.
Further, the company reported loss of INR165.97 crore on TOI of
INR289.96 crore in 9MFY15 (refers to period the period April 01 to
December 31,) as compared to loss of INR131.67 crore on TOI of
INR497.57 crore in 9MFY14.


DASHRATH PRASAD: CRISIL Reaffirms B+ Rating on INR42.7MM LT Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Dashrath
Prasad Fertilizers Pvt Ltd (DPF) continues to reflect DPF's
stretched liquidity marked by its large working capital
requirements and its cash accruals expected to tightly match its
term debt repayment obligations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Loan         42.7      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term     17.3      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

The ratings of the company are also constrained on account of the
susceptibility of its operations to changes in government policy
and erratic monsoons, and its small net-worth limiting its
financial flexibility. These rating weaknesses are partially
offset by the extensive experience of DPF's promoters in the
fertiliser industry.

Outlook: Stable

CRISIL believes that DPF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a sustained
improvement in the company's working capital management, or there
is substantial increase in its net worth on the back of equity
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its
liquidity caused most likely by a stretch in its working capital
cycle.

DPF incorporated in 2007, was promoted by Mr. Raj Kishore Soni and
his family members. The company manufactures granulated nitrogen-
phosphorous-potassium (NPK) mix fertilisers of various grades. The
company is based in Vijayawada, Andhra Pradesh.


DELTA PAPER: CRISIL Raises Rating on INR300MM LT Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Delta
Paper Mills Limited (DPML) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        40         CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit          210         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Letter of Credit      90         CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Long Term Loan       300         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Overdraft Facility    50         CRISIL A4 (Upgraded from
                                    'CRISIL D')

The rating upgrade reflects the timely servicing of debt by DPML
over the past six months ended February 2015. The upgrade also
reflects CRISIL's belief that the company will continue to service
its debt in a timely fashion, with its cash accruals expected to
remain adequate to meet its maturing debt obligations.

The ratings reflect the DPML's below-average financial risk
profile marked by its high gearing and average debt protection
measures. The ratings of the company are also constrained on
account of its large working capital requirements, its exposure to
intense competition in the paper manufacturing industry, and the
susceptibility of its profitability margins are susceptible to
volatility in raw material prices. These rating weaknesses are
partially offset by DPML's established presence in the paper
industry supported by its promoters' extensive industry experience
and established relations with customers.

Outlook: Stable

CRISIL believes that DPML will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers a
sustained improvement in its working capital management, or there
is a substantial improvement in its capital structure on the back
of sizeable equity infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the company's profitability margins, or significant deterioration
in its liquidity caused most likely by a stretch in its working
capital cycle.

DPML is a part of the Laila group of companies, which is engaged
in diverse businesses including sugar, paper, nutraceuticals, and
education. DPML manufactures writing and printing paper, including
creamwove, white printing, offset, and maplitho paper.

The company has an installed capacity to manufacture 51,000 tonnes
of paper per annum. The company also has a 9.9-megawatt power
generation plant, and a plant for recovery of caustic soda from
black liquor.


DEVANSHI POWERS: CARE Reaffirms B+ Rating on INR9cr LT Loan
-----------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Devanshi
Powers Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long -term Bank Facilities     9         CARE B+ Reaffirmed
   Short-term Bank Facilities    14         CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Devanshi Powers
Limited (DPL) continue to remain constrained on account of the
financial risk profile marked by fluctuating turnover, thin
profitability and moderate liquidity position. The ratings
continued to remain constrained on account of customer and
supplier concentration risk and exposure to raw material price
fluctuations. The reaffirmation of the ratings also factors the
decline in turnover coupled with marginal deterioration in capital
structure and debt coverage indicators along with elongation of
working capital cycle during FY14 (refers to the period April 1 to
March 31).

The ratings, however, continue to take comfort from the vast
experience of the promoters in the business of copper wire and
strips and modest solvency position.

The ability of DPL to increase its scale of operations with
improvement in profitability and capital structure through
efficient management of raw material price volatility and working
capital requirement remain the key rating sensitivity.

Initially established in July 2006 as a partnership firm 'M/s.
Devanshi Electricals' by Mr Pankaj Shah, Mr Pradip Shah and
Ms Varsha Shah, DPL was converted into a closely-held Public
Limited Company in October 04, 2012. The Shah family is into
business of copper products since 1982 at Jaipur, Rajasthan,
through its group concern, M/s Shree Jagdish Electrics &
Engineering Works (SJEEW). The group has shifted its base to
Anand, Gujarat, since 2006.

DPL manufactures bare copper wires and various types of copper and
aluminum-based household, industrial & instrumentation cables. In
FY14, almost 80% of the total operating income was generated from
the sale of bare copper wires and the rest was from cables.

During FY14, DPL reported the profit after tax of INR0.15 crore on
a TOI of INR67.72 crore as against the profit after tax of INR0.20
crore on a TOI of INR99.60 crore in FY13. As per the provisional
results of 10MFY15, the company has registered the TOI of INR38
crore.


GANGA JAMUNA: CRISIL Lowers Rating on INR50MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Ganga Jamuna Steel Pvt Ltd (GJSPL) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bill Discounting       5         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           50         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit      20         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

The rating downgrade reflects CRISIL's belief that GJSPL's
financial risk profile will remain weak over the medium term on
account of its working-capital-intensive operations. The company
reported a marginal improvement in its operating income to INR761
million in 2013-14 (refers to financial year, April 1 to
March 31) as against INR674 million in 2012-13; however, its
working capital requirements increased significantly. GJSPL's
gross current assets remained in the range of 100 to 250 days in
the four years ended March 31, 2014, and were at 235 days as on
March 31, 2014, due to high inventory and the long credit period
offered to customers. The company's inventory increased to 172
days as on March 31, 2014, from 89 days a year earlier. The
increasing working capital requirements resulted in an increase in
debt to INR100 million as on March 31, 2014, from INR60 million as
on March 31, 2013. Consequently, GJSPL's gearing also deteriorated
to 1.76 times from 1.05 times over this period. Its interest
coverage ratio too declined and stood at 1.5 times in 2013-14; the
ratio is likely to remain at around the same level over the medium
term. CRISIL believes that GJSPL's financial risk profile will
remain weak over this period owing to the working-capital-
intensive nature of its operations.

The ratings reflect GJSPL's average financial risk profile, marked
by high gearing and a small net worth, its small scale of
operations with low profitability, and high customer concentration
in its revenue profile. The ratings also factor in the company's
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
GJSPL's promoter in the stainless steel industry.

Outlook: Stable

CRISIL believes that GJSPL will continue to benefit over the
medium term from the extensive industry experience of its
promoter. The outlook may be revised to 'Positive' if the company
significantly increases its scale of operations and profitability,
leading to much higher cash accruals, and improves its working
capital cycle. Conversely, the outlook may be revised to
'Negative' if there is a steep decline in GJSPL's profitability
margins, or significant deterioration in its capital structure on
account of larger-than-expected working capital requirements or
substantial debt-funded capital expenditure.

Incorporated in 2005 and promoted by Mr. Ram Avtar Garg, GJSPL
manufactures stainless steel ingots at its facility in Sonepat
(Haryana). Its facility has two electric induction furnaces, with
a total ingot manufacturing capacity of around 7200 tonnes per
annum.


GANGOTRI JHABUA: CARE Reaffirms B- Rating on INR87cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Gangotri Jhabua Jobat Kukshi Tollway Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    87.00       CARE B- Reaffirmed

Rating Rationale
The rating for the bank facilities of Gangotri Jhabua Jobat Kukshi
Tollway Pvt. Ltd. (GJJK) continues to be constrained by delay in
project implementation leading to cost overrun and debt re-
schedulement. The rating is also constrained due to weak financial
health of Gangotri Enterprises Limited (Sponsor Company).

Going forward, the ability of GJJK to complete the project within
the estimated cost and time along with the financial closure for
residual debt would remain the key rating sensitivity.

Incorporated in April 2011, GJJK is a SPV promoted by Gangotri
Enterprises Limited (GEL -rated 'CARE C') to undertake the
development and operation of a toll road project awarded by Madhya
Pradesh Road Development Corporation Limited (MPRDC). The project
is for construction of two lane Jhabua Jobat Kukshi section on SH-
39 from KM 0 to 95.50 in the state of Madhya Pradesh under (toll +
grant) basis. Due to cost overruns, the total cost of the project
has been revised to INR230 crore from the earlier estimated cost
of INR190 crore. The revised project cost will be funded through
INR64 crore of equity, INR49 crore of the Government grant and
INR117 crore of term loan (financial closure achieved for INR87
crore). The proposed completion of the project as per revised
timelines is by November 2016.

As on February 25, 2015, GJJK has incurred INR138.05 crore on the
project funded through INR55.05 crore of debt, INR55.36 crore of
the promoter equity and remaining INR27.64 crore from Government
grant.


GOYAL COTTON: CARE Reaffirms B+ Rating on INR9.01cr LT Loan
-----------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Goyal Cotton
Fiber.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    9.01        CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Goyal Cotton Fiber
(GCF) continues to remain constrained on account of its thin
profitability, low networth base, weak debt coverage indicators
and moderate liquidity position. The rating also takes into
account its short track record of operations in the highly
competitive and fragmented cotton ginning business with limited
value addition, its constitution as a partnership firm,
susceptibility of profit margins to raw material price
fluctuation, working capital intensive operations and seasonality
associated with the cotton industry coupled with susceptibility of
the operations to government regulation. The ratings factor in the
increase in operating income and cash accruals along with
improvement in capital structure during FY14 (refers to the period
April 1 to March 31).

However, the rating continues to derive strength from experience
of the partners in the cotton-ginning business and proximity to
the cotton-producing regions of Madhya Pradesh and Maharashtra.

The ability of GCF to increase its scale of operations, improve
profit margins and capital structure along-with efficient working
capital management remain the key rating sensitivities.

GCF is a partnership firm incorporated on June 15, 2012 by four
partners of the Goyal family at Barwani district, Madhya
Pradesh and is engaged in the cotton ginning and pressing business
with an installed capacity of 36,000 bales of cotton and 11,500
metric tonne per annum (MTPA) of cotton seed per annum. GCF
belongs to the Goyal Group of Sendhwa which is engaged in the
business of cotton ginning and pressing since more than two
decades and enjoys good market reputation. The commercial
production at GCF commenced from December 2012 and FY13 was the
first year of operations.

During FY14 (refers to the period April 1 to March 31), GCF
registered a total operating income (TOI) of INR48.59 crore with a
PAT of INR0.12 crore as against TOI of INR28.47 crore with a PAT
of INR0.10 core during FY13.


GREENBRILLIANCE ENERGY: CARE Cuts Rating on INR7.5cr Loan to D
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Greenbrilliance Energy Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    6.06        CARE D Revised from
                                            CARE BB

   Short-term Bank Facilities   5.50        CARE D Revised from
                                            CARE A4

   Long-term/Short-term         7.50        CARE D Revised from
   Bank Facilities                          CARE BB/CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Greenbrilliance Energy Private Limited (GBEPL) was primarily on
account of irregularity in debt servicing coupled with instances
of LC devolvement during FY14 (refers to a period of April 1 to
March 31).

The ability of GBEPL to establish clear track record of debt
servicing with improvement in its liquidity position is the key
rating sensitivity.

GreenBrilliance Energy Private Limited (GBEPL) incorporated in
2007 is promoted by Mr Vineet Jain, the Managing Director, Mr Amit
Srivastava, Director and Mr Sumit Bhatnagar, Director. GBEPL is a
vertically integrated end to end solar energy service provider and
is engaged in the manufacturing of solar panels/modules using
crystalline silicon wafers. The company also undertakes turnkey
projects and including erection, commissioning and laying of solar
panels for residential, commercial, government and utility scale
clients. GBEPL had an installed capacity of 50MW as on March 31,
2014.

As per the audited results for FY14, GBEPL reported a total
operating income of INR63.01 crore (FY13: INR52.78 crore) with a
net loss of INR0.03crore (FY13: INR1.93 crore).


JAGDAMBA CEREALS: CRISIL Cuts Rating on INR197.5MM Cash Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jagdamba Cereals Udyog Pvt Ltd (JCUPL) to 'CRISIL D/CRISIL D' from
'CRISIL BB+/Stable/CRISIL A4+'. The downgrade reflects delays by
JCUPL in interest payments on its cash credit facility for more
than 30 days consecutively. The delays in payments are because of
the company's weak liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          197.5      CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable')

   Letter of Credit       2.5      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term    20.0      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB+/Stable')

JCUPL has a below-average financial risk profile, marked by a
modest net worth, aggressive gearing, and weak debt protection
metrics, and working-capital-intensive operations. However, JCUPL
benefits from the extensive industry experience of its promoters.

The Jagdamba group is promoted by Mr. Krishna Murari Choudhary,
who began trading in rice, pulses, and flour in 1988. In 2003, he
entered the foodgrain processing business. Over the years, he has
set up three flour mills, one rice mill, and a polyfabs plant. He
set up JCUPL in 2005 at Burdwan (West Bengal). The company
manufactures wheat products such as atta, maida, suji, and wheat
bran. It has capacity of 400 tonnes per day.


KATARIA SNACK: CRISIL Assigns B+ Rating to INR100MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Kataria Snack Pellets Pvt Ltd (KSPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B+/Stable
   Long Term Loan       100        CRISIL B+/Stable

The rating reflects KSPL's initial phase and modest scale of
operations in the highly competitive snacks industry, and moderate
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of KSPL's promoters
in the snacks industry, and direct support from the Balaji Wafers
group in the form of off-take agreement.

Outlook: Stable

CRISIL believes that KSPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if KSPL stabilises its operations on time,
leading to substantial cash accruals. Conversely, the outlook may
be revised to 'Negative' in case of low accruals because of low
order flow or profitability, or weakening of financial risk
profile because of substantial working capital requirements or
debt-funded capital expenditure.

Incorporated in 2013, KSPL is promoted by the Rajkot (Gujarat)-
based Kataria family. The firm manufactures snacks and die cut
pellets from cereals. Its promoters have experience of more than
two decades in marketing and distribution of the same and have
also been associated with the flour mill business.


KEVIN CERAMIC: CARE Reaffirms B+ Rating on INR7.84cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kevin Ceramic Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    7.84        CARE B+ Reaffirmed
   Short-term Bank Facilities   1           CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Kevin Ceramic
Private Limited (KCPL) continue to remain constrained on account
of its small scale of the operations, financial risk profile
marked by leveraged capital structure, moderate debt coverage
indicators and elongated working capital cycle. Furthermore, the
ratings continue to remain constrained on account of
susceptibility of operating margins to raw material and fuel price
fluctuation, its presence in the highly fragmented tiles industry
and linkage to cyclical real estate industry. The reaffirmation of
the ratings factor in the stagnant TOI and cash accruals along
with elongation of operating cycle during FY14 (refers to the
period April 1 to March 31).

However, the ratings continue to derive strength from the
extensive experience of the promoters, its presence in the ceramic
tile hub with easy access to raw material, power, fuel and
comfortable PBILDT margin.

KCPL's ability to increase its scale of operations, improvement in
the profit margins and capital structure along with better working
capital management are the key rating sensitivities.

KCPL was originally incorporated in September 2010 by Mr Ramesh
Bhalodia, Mr Milan Bhalodia, Mr Prashant Bhalodia,
Mr Devshi Bhalodia and Mr Jayanti Charola. However, during January
2012, Mr Prashant Bhalodia, Mr Devshi Bhalodia and Mr Jayanti
Charola sold their stake in KCPL and Mr Prabhu Parshottam
Vansjaliyia, Mr Amarshi Jeram Vasjaliya and Mr Bipin Labhu
Gambhava joined KCPL. Again during July 2013, there was a change
in management of the company and Mr Ramesh Bhalodia and Mr Milan
Bhalodia sold their stake in KCPL and Mr Vipul Kanaria joined
KCPL. The new promoters have experience in the ceramic industry
through the group concern, Jet Granito Private Limited (rated:
CARE B+/CARE A4). KCPL operates from its sole manufacturing
facilities located at Morbi (Rajkot, Gujarat) with an installed
capacity of 18 lakh boxes per annum of porcelain floor tiles and
parking tiles as on March 31, 2014. The commercial production
commenced from November 2011 and hence FY13 was the first full
year of operations for KCPL.

During FY14, KCPL reported a total operating income (TOI) of
INR14.10 crore and PAT of INR0.08 crore as against TOI of INR14.31
crore and PAT of INR0.03 crore during FY13.

As per 10MFY15 (provisional) financials, KCPL has reported TOI of
INR15.46 crore.


KISAN OLEOCHEM: CARE Assigns B+ Rating to INR0.09cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Kisan Oleochem and Derivatives Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    0.09        CARE B+ Assigned
   Long-term / Short-term       6.00        CARE B+/CARE A4
   Bank Facilities                          Assigned

Rating Rationale
The ratings assigned to the bank facilities of Kisan Oleochem and
Derivatives Private Limited (KODPL) are constrained on account of
its thin profitability, leveraged capital structure and weak debt
coverage indicators. Furthermore, the ratings are also constrained
on account of its highly working capital intensive nature of
operations resulting in tight liquidity, susceptibility of its
profitability to fluctuations in castor seed price and its
presence in the highly fragmented and seasonal castor oil/seed
industry.

The ratings, however, derive strength from the vast experience of
the promoters with an established track record of operation, its
proximity to raw material producing area and its diversified
customer base having a presence in the domestic and overseas
markets.

The ability of KODPL to improve its profitability and capital
structure through efficient working capital management would be
the key rating sensitivities.

KODPL is a group entity of Palanpur-based (Gujarat) Kisan Group.
KODPL is a private limited company which started its operations in
2012 after it got incorporated in 2009 by Mr. Ramanbhai Patel and
other members of Patel family. The company primarily manufactures
various grades of castor oil and castor de-oiled cake (DOC)
through solvent extraction. It also carries out the trading of
castor seed, castor oil and castor DOC. KODPL has an installed
capacity of 190 Metric Tonnes Per Day (MTPD) for solvent
extraction and 250 MTPD for seed crushing as on March 31, 2014.
Promoters of the group are also engaged in similar line of
business through their other entities. Kisan Proteins Private
Limited (rated CARE B+ / CRAE A4) and Kisan Agro Product
Industries (rated CARE B+ / CARE A4) being the major ones among
them.

As per the audited results for FY14 (refers to the period from
April 1 to March 31), KODPL reported a total operating income of
INR168.58 crore (FY13: INR87.24 crore) and PAT of INR0.21 crore
(FY13: INR0.07 crore). As per the unaudited results for 10MFY15,
KODPL reported a total operating income of INR159.45 crore and
PBILDT of INR1.42 crore.


KOSHIYA ENTERPRISE: CRISIL Assigns B+ Rating to INR150MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Koshiya Enterprise (KE).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             150        CRISIL B+/Stable

The rating reflects susceptibility of KE's operating performance
to timely execution of the project and flow of customer advances
from current and future bookings, and sensitivity of the project
to cyclicality in the real estate sector. These rating weaknesses
are partially offset by the partners' extensive experience in the
real estate business and comfortable maturity profile of debt
availed of for completion of the project.

Outlook: Stable

CRISIL believes that KE will maintain its credit risk profile on
the back of the extensive experience of the partners in the real
estate sector. The outlook may be revised to 'Positive' if the
customer response to its projects is significantly better than
expected leading to higher cash accruals and improvement in the
financial risk profile. The outlook may be revised to 'Negative'
if cash flow from KE's operations are significantly below
expectations, either due to subdued response to the project or
lower than envisaged flow of advances, thereby affecting its debt
servicing ability.

KE is a partnership firm established in October 2012 by the
Koshiya family based in Surat (Gujarat). The firm, owned by the
KStar Group, is a special purpose vehicle floated for construction
of a real estate project, The Candlewood, at Katargam, Surat.


KUFRI HOTELS: CARE Reaffirms D Rating on INR25.87cr LT Loan
-----------------------------------------------------------
CARE reaffirmes the ratings assigned to the bank facilities of
Kufri Hotels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    25.87       CARE D Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Kufri Hotels Private
Limited (KHPL) continue to remain constrained by the delays in
debt servicing by the company due to stretched liquidity.

Kufri Hotels Private Limited (KHPL) was established in the year
1984 by Mr. Dhian Chand who has an experience of around four
decades in tourism and hotel industry. KHPL operates Royal Tulip
(5 Star) hotel in Kufri, Himachal Prades under a 'Franchise and
Management tie-up' with Golden Tulip Hospitality Group since March
2010.


M. G. GOLD: CRISIL Assigns B+ Rating to INR450MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of M. G. Gold Realators Pvt Ltd (MG Gold).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      200        CRISIL B+/Stable
   Bank Loan Facility

   Term Loan               450        CRISIL B+/Stable

The rating reflects MG Gold's exposure to implementation and
offtake risks related to its ongoing commercial complex project,
its susceptibility to risks and cyclicality inherent in the real
estate sector in India, and the geographical concentration in its
operations. These rating weaknesses are partially offset by the
extensive experience of MG Gold's promoters in the real estate
business.

Outlook: Stable

CRISIL believes that MG Gold will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' in case of significant improvement in
MG Gold's business and financial risk profiles, most likely driven
by timely implementation and saleability of its ongoing project
leading to healthy cash accruals on a sustainable basis.
Conversely, the outlook may be revised to 'Negative' in case of
significant time and cost overruns in the project resulting in
pressure on the company's liquidity and debt-servicing ability.

MG Gold, incorporated in 2011, is promoted by Mr. Vinod Kumar and
Mr. Hakam Chand. The company is developing a commercial complex
(comprising retail space and offices) in Mandi Gobindgarh
(Punjab). There are no other projects currently planned by the
company.


M. K. PRODUCTS: CARE Reaffirms B Rating on INR5.98cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of M. K.
Products.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    5.98        CARE B Reaffirmed

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale
The rating continues to remain constrained on account of
relatively small scale of operations of M. K. Products (MKP) in
the highly competitive and fragmented textile industry and its
weak financial risk profile marked by low profitability, leveraged
capital structure and stressed liquidity position. The rating,
further, remains constrained on account of the susceptibility of
the firm's profitability to fluctuations in the raw material
prices and foreign exchange rates along with its constitution as a
partnership concern.

The rating, however, continues to draw strength from the long-
standing experience of MKP's management along with its established
track record of operations of around two decades in the industry.
MKP's ability to increase its scale of operation while improving
profitability in light of the volatile raw material prices and
improvement in solvency position coupled with effective working
capital management are the key rating sensitivities.

Jaipur-based (Rajasthan) MKP was constituted in 1995 as a
partnership concern formed by three partners. However, in
April 2012, there was a change in the partners and currently, MKP
is managed by three partners, namely, Mr Dayaram Khanchadani, Mr
Shyamlal Khanchadani and Mrs Pushpa Khanchadani with profit
sharing ratio of 15:70:15, respectively.

Initially, MKP was only engaged in the manufacturing of made-ups
for home textiles and trading of salwar suits, however, to widen
its scale of operation, in FY13 (refers to the period April 1 to
March 31), the firm undertook a project and installed machineries
for production of printed and embroidered salwar suits (semi-
stitched) as well as increased installed capacity for
manufacturing of made-ups items. The manufacturing facility of the
firm is located at Jaipur and has total installed capacity of
97,600 pieces per annum (PPA) for manufacturing of embroidered and
printed salwar suits, 288,000 PPA for manufacturing of bed-sheets
and 57,600 meters per annum (MPA) for running length of rich
embroidery as on March 31, 2014. The firm markets bed-sheets under
the brand name of "Mona Print" and salwar suit in the brand name
of 'Dreams'. MKP sells made-ups items through traders as well as
through its single retail outlet located at Jaipur.

Furthermore, the firm entirely exports salwar suits mainly to
Dubai.

During FY14 (audited), MKP has reported a total operating income
of INR4.77 crore (FY13: INR4.38 crore).


MAA SHAKUMBARI: CARE Lowers Rating on INR7.25cr LT Loan to D
------------------------------------------------------------
CARE revises rating assigned to the bank facilities of Maa
Shakumbari Devi Charitable Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    7.25        CARE D Revised from
                                            CARE B
Rating Rationale
The revision in the rating assigned to the bank facilities of Maa
Shakumbri Devi Charitable Trust (MSD) takes into account the
ongoing delays in debt servicing by the society.

Maa Shakumbri Devi Charitable Trust (MSD) is an educational
society and was formed in August 2007 by Mr Lakhmendra
Khurana, Mr Rajeev Khurana, Mr Vijay Verma and Mr Manoj Jain with
the objective to provide education services. The society started
an engineering college under the name of Stallion College for
Engineering & Technology (SCET) in FY10 (refers to the period
April 1 to March 31). The institute is located in Saharanpur
(Uttar Pradesh) and is providing postgraduation, graduation and
diploma courses for engineering. The first academic session for
SCET started in 2010-11.


MANGALDEEP RICE: CRISIL Reaffirms B Rating on INR82.4MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mangaldeep
Rice Mill Pvt Ltd (MRM) continues to reflect MRM's exposure to
risks related to its expansion project over the medium term, and
its small scale of operations in the fragmented and competitive
rice milling industry. These rating weaknesses are partially
offset by its promoters' extensive industry experience, and the
benefits that the company derives from its advantageous location,
and the healthy growth prospects for the rice industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B/Stable (Reaffirmed)
   Term Loan             82.4      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MRM's business risk profile will remain
constrained over the medium term on account of its exposure to
risks associated with the setting up of its new rice milling unit.
The outlook may be revised to 'Positive' if MRM's scale of
operations and profitability improve substantially, most likely
because of quick ramp up of its new capacities, leading to high
cash accruals. Conversely, the outlook may be revised to
'Negative' if there is significant deterioration in the company's
capital structure and liquidity because of a time or cost overrun
in implementation of its project

Update
MRM registered sales of INR186.7 million in 2013-14 (refers to
financial year, April 1 to March 31) vis-a-vis previous year sales
of INR118.3 million. The company's revenue is expected to increase
to INR370 million to INR400 million in 2015-16 on account of sales
of parboiled rice and export of the same on offtake of new plant.
The new plant is expected to commence operations from 2015-16
onwards. The company's operating margin remained low at 2.6 per
cent in 2013-14. Its profitability declined over the previous
year's profitability of 3.5 per cent due to increase in the
company's power and fuel costs. Currently, the company is setting
up a power plant for captive consumption.

MRM's operations are working capital intensive, with gross current
assets (GCAs) of 72 days as on March 31, 2014.The company funds
its working capital requirements majorly through short-term bank
borrowings, term loan and unsecured loan from promoters. The
short-term bank limits of MRM of INR60 million have been fully
utilised over the 12 months ended December 2014.

MRM's financial risk profile is expected to remain low in the
medium term. It had a small net worth of INR57 million as on March
31, 2014, and moderate gearing of 0.79 times. The company's debt
protection metrics were subdued, with interest coverage and net
cash accrual to total debt ratios at 3.0 times and 0.08 times,
respectively, for 2013-14.

For 2013-14, MRM reported a profit after tax (PAT) of INR0.8
million on net sales of INR186.7 million, against a PAT of INR0.5
million on net sales of INR118.3 million for 2012-13.

Incorporated in 2010-11, MRM processes paddy. The company has a
milling capacity of 4 tonnes per hour (4 tph) and is mainly
selling the same to the government of Bihar under the public
distribution system. In addition the company sells rice to local
customers.


MAWANA SUGARS: CRISIL Suspends D Rating on INR5.21BB Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mawana
Sugars Ltd (Mawana Sugars).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        289.4      CRISIL D Suspended
   Bill Discounting       95        CRISIL D Suspended
   Cash Credit         5,213.2      CRISIL D Suspended
   Letter of Credit      359        CRISIL D Suspended
   Term Loan           2,851.6      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
Mawana Sugars with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Mawana
Sugars is yet to provide adequate information to enable CRISIL to
assess Mawana Sugars's ability to service its debt. The suspension
reflects CRISIL's inability to maintain a valid rating in the
absence of adequate information. CRISIL considers information
availability risk as a key credit factor in its rating process and
non-sharing of information as a first signal of possible credit
distress, as outlined in its criteria 'Information Availability
Risk in Credit Ratings'

Promoted by Mr. Siddharth Shriram, Mawana Sugars Ltd. (formerly
known as Siel Ltd) is an integrated sugar manufacturer with
capacities to produce power, and manufacture ethanol and chlor-
alkali chemicals. Its sugar production units are in Mawana,
Titawi, and Nanglamal (all in western Uttar Pradesh), and its
chemical unit is in Rajpura (Punjab).


NARAYANADRI HOSPITAL: CRISIL Rates INR120MM Long Term Loan at B
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Narayanadri Hospital & Research Institute
Private Limited (Narayanadri).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan        120        CRISIL B/Stable

The rating reflects Narayanadri's limited track record of
operations and its exposure to intense competition in the hospital
industry. These rating weaknesses are partially offset by the
benefits that Narayanadri derives from the healthy demand
prospects for the hospital industry and its promoter's extensive
industry experience.

Outlook: Stable

CRISIL believes that Narayanadri will continue to benefit over the
medium term from the healthy demand prospects for the hospital
industry and its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
more-than-expected revenues and profitability, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if Narayanadri's financial risk
profile deteriorates, most likely because of less-than-expected
revenues and profitability, or larger-than-expected, debt-funded
capital expenditure.

Incorporated in 2011, Narayanadri operates a multi-specialty
hospital in Tirupati (Andhra Pradesh). It is promoted by Mr. Dr.
K. Ramachandra, Dr. S.V. Prasad, Dr. V. Sunanda Kumar Reddy, Dr.
G. Vijayakumar, Dr. A. Soma Keerthi and their associates.


NORTHERN POWER: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Northern Power Erectors
Ltd (NPEL) continue to reflect NPEL's below-average financial risk
profile, marked by weak debt protection metrics, and its large
working capital requirements.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          40       CRISIL A4 (Reaffirmed)
   Cash Credit            140       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      40       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the company's promoter in the engineering industry.
Outlook: Stable

CRISIL believes that NPEL will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if the company significantly
improves its working capital cycle or its cash accruals, leading
to a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if there is a further stretch in NPEL's
working capital cycle, leading to stretched liquidity, or if it
undertakes a substantial debt-funded capital expenditure
programme.

Established in 1993, NPEL is engaged in supply, installation,
renovation, and modernisation of hydro turbines and generators.
The company is based in New Delhi and undertakes contracts mainly
for Bharat Heavy Electricals Ltd (rated 'CRISIL AAA/Stable/CRISIL
A1+') and NHPC Ltd ('CRISIL AA+/Positive'). NPEL is managed by Mr.
V S Mittal.

NPEL reported a profit after tax (PAT) of INR3.5 million on net
sales of INR802.3 million for 2013-14, vis-a-vis a PAT of INR5.5
million on net sales of INR605.3 million for 2012-13.


OM ENERGY: CRISIL Reaffirms B+ Rating on INR383.5MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of OM Energy
Generation Pvt Ltd (OEGPL) continues to reflect OEGPL's exposure
to risks related to implementation of its ongoing project for
setting up a hydropower project.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term     16.5      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Rupee Term Loan       383.5      CRISIL B+/Stable (Reaffirmed)

This rating weakness is partially offset by the extensive
experience of OEGPL's top management in setting up hydropower
projects and expected support from its parent group.

Outlook: Stable

CRISIL believes that OEGPL will continue to benefit over the
medium term from the favourable demand prospects for power. The
outlook may be revised to 'Positive' if the company stabilises its
operations earlier than expected and within the budgeted cost,
resulting in large cash accruals, and hence, a better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if OEGPL registers significant time or cost overrun in its
project, resulting in delay in commencement of operations, and as
a result, low cash accruals and weakening of its financial risk
profile.

OEGPL, part of the OPG group, was incorporated in 2010 to execute
a 7-megawatt hydropower project in Chamba (Himachal Pradesh). The
company is promoted by Mr. Ravi Gupta and his family. Its day-to-
day operations are managed by its director Mr. Dalip Dua.


P. M. INDUSTRIES: CRISIL Assigns B- Rating to INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of P. M. Industries - Jalalabad (PMI).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              15.7       CRISIL B-/Stable
   Cash Credit            50         CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      4.3       CRISIL B-/Stable

The rating reflects PMI's small scale of operations, its
susceptibility to any adverse impact of changes in government
regulations, and below-average financial risk profile, marked by
stretched liquidity on account of working capital intensity of
operations reflected in high utilisation of bank lines. These
rating weaknesses are partially offset by the extensive industry
experience of PMI's promoters and their funding support.

Outlook: Stable

CRISIL believes that PMI will continue to benefit from its
promoters' extensive experience in the rice mill business, over
the medium term. The outlook may be revised to 'Positive' in case
of significant improvement in PMI's working capital management and
profitability, resulting in an improved financial risk profile,
particularly liquidity. Conversely, the outlook may be revised to
'Negative' if there is any deterioration in PMI's working capital
management, or if it undertakes a larger-than-expected debt-funded
capex programme, further weakening its financial risk profile.

PMI is a proprietorship firm and was established in 2007 by Mr.
Mukesh Dommara. The firm is engaged in the processing and domestic
sales of basmati rice. Its plant is located in Jalalabad (Punjab).


PANCHKROSHI SHIKSHAN: CARE Lowers Rating on INR7.8cr LT Loan to D
-----------------------------------------------------------------
CARE revises the rating assigned to bank facilities of Panchkroshi
Shikshan Mandal.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    7.80        CARE D Revised from
                                            CARE B

Rating Rationale
The revision in the rating of bank facilities of Panchkroshi
Shikshan Mandal (PSM) is primarily on account of the stressed
liquidity position as reflected by the ongoing delays in debt
servicing.

Panchkroshi Shikshan Mandal (PSM) was registered as an educational
society on September 15, 1942, under the Societies Registration
Act, 1860. Currently the society manages 13 institutes located at
Satara (Maharashtra) including schools, graduation and post
graduation colleges. The colleges offer courses in various
disciplines viz arts, commerce, science, agriculture and others.
The courses offered by colleges are approved by All India Council
for Technical Education (AICTE) and Maharashtra State Board of
Technical Education (MSBTE) while schools are affiliated to
Maharashtra State Board.

Credit Risk Assessment
Stressed liquidity position leading to ongoing delays in servicing
debt obligation PSM had availed a term loan facility for setting
up an engineering and polytechnic college; however, the enrolment
ratio for these colleges has been lower given the increased
competition. The above coupled with delay in receiving grants from
the Government of Maharashtra has resulted in cash flow mismatch
leading to delays in servicing of debt obligation and account
being classified non-performing asset by the bank.


PANDURANGKRUPA INDUSTRIES: CARE Rates INR6.14cr LT Loan at B+
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Pandurangkrupa Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.14       CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the proprietor in
addition to the financial performance and other relevant factors.

The rating assigned to the bank facilities of Pandurangkrupa
Industries (PKI) is constrained on account of the financial risk
profile marked by low profitability and leveraged capital
structure along with small scale of operations and constitution as
a proprietorship concern. The rating is further constrained on
account of susceptibility of margins to fluctuation in the raw
material prices along with seasonal nature of operations and
presence in a fragmented industry marked by low entry barriers.

However, the rating derives strength from the wide experience of
the proprietor and backward integration for sourcing raw material.
The rating further draws strength from the location advantage
emanating from sugar-growing region

The ability of the firm to scale up its size of operations along
with improvement in the financial risk profile is the key rating
sensitivity.

Established in the year 2007, PKI is a proprietorship concern
promoted by Mr Amol Pane, based in Aurangabad, and is primarily
engaged in the processing of jaggery. The proprietor has an
experience of about 7 years in similar industry and possesses a
sugarcane farm which is used for captive consumption in PKI. The
key raw material, sugarcane, required for manufacturing of jaggery
is mainly sourced from local suppliers and partly from the
proprietor. Furthermore, the firm mainly sells its products to
wholesalers and traders who in turn repack the same in retail
quantities and further sell to local stores. The firm has network
of about 15-20 wholesalers and dealers which supply the product
across four states in India, viz, Gujarat, Maharashtra, Karnataka
and Goa. The manufacturing unit is located at Jamgaon in
Aurangabad with an installed capacity of about 135,000 metric
tonne per annum (MTPA) as on March 31, 2014, which was increased
from 27,000 MTPA during the year. In FY14, the company reported a
total operating income of INR8.63 crore and net profit of INR0.09
crore as against the total operating income of INR7.54 crore with
a net profit of INR0.09 crore in FY13.


R. K. INDUSTRIES: CRISIL Assigns B Rating to INR180MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of R. K. Industries - Delhi (RKI)

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           180        CRISIL B/Stable

The rating reflects RKI's below-average financial risk profile,
marked by moderate debt protection matrices and high gearing,
working-capital-intensive operations, and the exposure to risks
related to cyclicality in the end-user industry. These rating
weaknesses are partially offset by the extensive experience of the
firm's promoters in the industry with diversified product range
and established relationship with its customers across the
diversified end-user industry.

Outlook: Stable

CRISIL believes that RKI will maintain a stable credit risk
profile backed by an established market. The outlook may be
revised to 'Positive' in case of improvement in the firm's working
capital management or capital structure or if it significantly
scales up its operations while maintaining its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
RKI's revenue or profitability declines significantly, leading to
deterioration in its financial risk profile.

Incorporated in 1987, RKI manufactures bulk material handling
equipment and systems such as belt conveyors, stackers, and
different types of conveyors components like rollers, idlers, and
pulleys. The firm also undertakes the projects that include
design, manufacture, supply, erection, and commissioning of bulk
material handling equipment. It has three manufacturing units-two
are in Badarpur (New Delhi) and one in Bhiwadi (Rajasthan).


RAAJ MAHAL: CARE Assigns 'B' Rating to INR37cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Raaj Mahal
Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    37.00       CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Raaj Mahal
Developers (RMD) is primarily constrained on account of the
project implementation and saleability risk associated with the
ongoing commercial real estate project with low booking status and
advances received and its presence in a highly fragmented and
cyclical real estate industry which is currently facing a subdued
scenario.

However, the rating derives strength from experienced promoters,
established track record of operations of the group and strategic
location of the project.

The ability of RMD to timely complete on-going real estate project
without any cost overrun and timely receipt of sale proceeds from
the customers at envisaged prices are the key rating sensitivities

RMD is a partnership firm incorporated on July 24, 2012, and
belongs to the Thane-based Raaj group with the key partners as Mr
Rameshbhai Gupta, Mr Ramanuj Bhattar and Mr Akhil Bhattar. It was
set up to undertake a real estate project of development of
commercial complex at Surat.


RAMDEV COTTON: CARE Revises Rating on INR9.50cr LT Loan to B+
------------------------------------------------------------
CARE revises rating assigned to bank facilities of Ramdev Cotton
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    9.50        CARE B+ Revised from
                                            CARE B

Rating Rationale
The revision in the rating assigned to the bank facilities of
Ramdev Cotton Industries (RCI) is primarily due to consistent
increase in the total operating income and cash accruals during
FY14 (refers to the period April 1 to March 31) coupled with
moderately leveraged capital structure and liquidity position. The
rating, however, continues to be constrained on account of thin
profit margin and weak debt coverage indicators coupled with
presence in the lowest segment of the textile value chain with
limited value addition in the cotton ginning business and
seasonality associated with procurement of raw material resulting
into working-capital The rating, however, continues to draw
strength from the wide experience of the partners in the cotton
industry and location advantage in terms of proximity to the
cotton seed growing regions in Gujarat.

The ability of RCI to increase its scale of operations, improving
its profit margins, debt coverage indicators and better working
capital management in light of the competitive nature of the
industry remain the key rating sensitivities.

RCI was established in 2009 as a partnership firm at Jasdan in
Rajkot, Gujarat. The firm is established by six partners of the
Sakariya family with unequal profit and loss sharing agreement
between them. Mr Ramjibhai Sakariya is the managing partner who
looks after overall operations. The partners are associated with
the cotton industry through their other business entity named
White Gold Cotton Industries (rated ICRA B+), located at Gondal,
Rajkot. All the partners are actively involved in the management
of RCI as functional heads. RCI is engaged in the business of
cotton ginning & pressing to produce cotton bales and cotton
seeds. The product is mainly used in manufacturing of cotton yarn
in the textile industry. It has an installed capacity to produce
6048 MTPA (Metric Tonnes per Annum) for cotton bales and 10,500
MTPA for cotton seeds. The finished product is sold through
intermediaries like brokers, agents and distributors in the
domestic market. The sales are largely to Gujarat, Karnataka and
Tamil Nadu while raw cotton (Shankar - 6), which is the major raw
material, is procured from local vendors & farmers in Gujarat.

During FY14, RCI reported TOI of INR53.40 crore and PAT of INR0.02
crore as against TOI of INR41.75 crore and PAT of INR0.04 crore
during FY13. As per 10MFY15, RCI has achieved a TOI of INR56.63
crore.


REAL GRANITO: CARE Reaffirms B+ Rating on INR22.15cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Real Granito Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    22.15       CARE B+ Re-affirmed
   Short-term Bank Facilities    1.50       CARE A4 Re-affirmed

Rating Rationale
The ratings assigned to the bank facilities of Real Granito
Private Limited (RGPL) continue to remain constrained owing to
moderate profit margins, moderately leveraged capital structure
and moderate debt coverage indicators. The ratings further
continue to remain constrained by susceptibility of profit margins
to volatility in prices of fuel and key raw material and presence
of the company in the competitive ceramic tile industry with
fortunes linked to cyclical real estate industry. Furthermore, the
rating also takes into consideration significant decline in total
operating income (TOI) and cash accruals, elongation of operating
cycle along with improvement in the operating margins and capital
structure during FY14 (refers to the period April 1 to March 31).
The ratings, however, takes into account vast experience of the
promoters coupled with presence of RGPL in the largest ceramic
tile cluster of India.

The ability of RGPL to increase its scale of operations, improve
its profit margins and better working capital management thereby
improving its operating cycle in light of the competitive nature
of the industry remain the key rating sensitivities.

Incorporated in April 2010, RGPL is promoted by Mr Chiman Hirani,
Mr Pritesh Hirani, Mr Tejas Hirani, Mr Kishan Hirani and three
other associate promoters. The company is into manufacturing of
vitrified tiles with installed capacity of 72,500 Metric Tonnes
Per Annum (MTPA) as on March 31 2014 at its manufacturing facility
located in Morbi (Gujarat).

During FY14, RGPL reported a TOI of INR52.92 crore and PAT of
INR0.62 crore as against TOI of INR71.17 crore and PAT of INR1.27
crore during FY13. During 9MFY15, RGPL has achieved TOI of
INR34.12 crore.


S B IMPEX: CRISIL Reaffirms B+ Rating on INR50MM Whse Financing
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of S B Impex
(SBIMP) continues to reflect its large working capital
requirements, the susceptibility of its profitability margins to
fluctuations in foreign exchange rates, and its exposure to
intense competitive pressures and regulatory risks in the tobacco
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             40       CRISIL B+/Stable (Reaffirmed)
   Export Packing Credit   60       CRISIL A4 (Reaffirmed)
   Term Loan               22.5     CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing     50       CRISIL B+/Stable (Reaffirmed)

The ratings of the firm are also constrained on account of its
below-average financial risk profile marked by its small net-
worth, moderate total outside liabilities to tangible net worth
ratio, and below-average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
SBIMP's partners in the tobacco industry and its established
relations with customers.

Outlook: Stable

CRISIL believes that SBIMP will benefit over the medium term from
its partners' extensive industry experience and its established
relations with customers. The outlook may be revised to 'Positive'
if there is a sustained improvement in the firm's working capital
management, or there is a substantial increase in its net-worth on
the back of sizeable capital additions from its partners.
Conversely, the outlook may be revised to 'Negative' in case of a
there is a steep decline in the firm's profitability margins, or
significant deterioration in its capital structure caused most
likely by a stretch in its working capital cycle.

SBIMP was set up as a partnership firm in 2008 by Mr. S. Ram
Prasad and his son, Mr. S Hemanth. The firm trades in tobacco, and
derives around 95 per cent of its revenues from exports. It is
based in Guntur district in Andhra Pradesh.


SATYA PRAKASH: CARE Reaffirms B+ Rating on INR4.50cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Satya Prakash Builders Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    4.50        CARE B+ Reaffirmed
   Short-term Bank Facilities   5           CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Satya Prakash
Builders Limited (SPBL) continue to remain constrained on account
of its small scale of operations in a highly competitive and
tender-driven construction industry and its weak financial risk
profile marked by fluctuating turnover and profitability and weak
liquidity and debt coverage indicators. The reaffirmation of the
ratings also factor in the decline in operating income and cash
accruals along with elongation of operating cycle during FY14
(refers to the period April 1 to March 31).

The ratings, however, continue to derive benefits from wide
experience of the promoters, reputed clientele, comfortable
capital structure and moderate order book position.

SPBL's ability to increase the scale of operations by faster
execution of the order book along with improvement in
profitability and better working capital management are the key
rating sensitivities.

SPBL was incorporated on August 8, 1989 as a private limited
company. Later on in April 1, 1999, it was converted into a public
limited company. SPBL is promoted by Mr Naresh Grover and Mr Kamal
Grover. SPBL is involved in the construction of buildings and
roads and subsequently started business of Ready Mix Concrete
(RMC) in FY11. SPBL derives majority of its revenues from the
various government agencies/authorities. SPBL is registered as a
Class A (on a Scale of A to E, A being the highest) contractor
with Madhya Pradesh Public Works Department (M.P.P.W.D) with an
eligibility to bid for contracts of any amount pertaining to civil
works in Madhya Pradesh and a Class S (on a Scale of A to SS, SS
being highest) contractor with Military Engineer Services (M.E.S).
As per the audited results of FY14, SPBL reported profit after tax
(PAT) of INR0.25 crore on a total operating income (TOI) of
INR8.37 crore as against PAT of INR0.14 crore on a TOI of INR9.29
crore. As per the provisional results for 10MFY15, SPBL has
achieved TOI of INR7.29 crore.


SAVITA CONSTRUCTION: CARE Assigns 'D' Rating to INR14.42cr Loan
---------------------------------------------------------------
CARE assigns 'CARE D' ratings to the bank facilities of Savita
Construction Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    14.42       CARE D Assigned
   Short-term Bank Facilities    5          CARE D Assigned

Rating Rationale
The ratings assigned to the bank facilities of Savita Construction
Pvt. Ltd. (SCPL) are primarily constrained on account of frequent
instances of overdrawing in cash credit account in recent past,
invocation of bank guarantee and restructuring of its debt due to
its stretched liquidity position.

Establishing a clear track record of timely servicing of debt
obligations alongwith improvement in the liquidity position is the
key rating sensitivity.

Incorporated in November 1995, Valsad-based (Gujarat) SCPL is
engaged into the business of manufacturing, fabrication and
erection of pressure vessels, storage tanks, duct piping and
execution of turnkey projects. SCPL is covered under approved
vendor list of reputed clients such as Reliance Industries Ltd.
and Larsen & Toubro Ltd.

During FY14 (refers to the period April 1 to March 31), SCPL
reported a total operating income (TOI) of INR8.43 crore and
PAT of INR0.21 crore as against a TOI of INR4.57 crore and PAT
INR0.30 crore during FY13.  During 10MFY15, SCPL has achieved TOI
of INR13 crore.


SHIMLA EDUCATION: CRISIL Cuts Rating on INR141.5MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shimla Education and Research Society (SERS) to 'CRISIL D' from
'CRISIL B/Stable'. The rating downgrade reflects recent instances
of delay by SERS in servicing its long term debt obligations due
to its weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term     63.1       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan             141.5       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Working Capital         5.4       CRISIL D (Downgraded from
   Demand Loan                       'CRISIL B/Stable')

SERS's term loan repayment schedule is aligned with its fee-
receipt cycle (bi-annual) and the society is likely to generate
sufficient cash accruals of around INR21 million against debt
obligations of INR15 million in 2014-15 (refers to financial year,
April 1 to March 31). Despite this, there have been delays in debt
servicing because of a liquidity mismatch, as the management
undertook a capital expenditure programme of around INR20 million
to set up a new computer lab in January 2015.

SERS also has a small scale of operations with geographical
concentration in its revenue profile, and is vulnerable to
regulatory risks associated with educational institutions. These
rating weaknesses are partially offset by variety of courses being
offered and strategic state capital location of the institute.

SERS was set up in 2008 by Mr. Sandeep Gupta and his brother Mr.
Rakesh Gupta. The society runs Bells Institute of Management and
Technology in Shimla. The institute is approved by the All India
Council for Technical Education and is affiliated to the state
government-owned Himachal Pradesh University. The institute
started operations in 2010-11 by offering courses in fields such
as computer science engineering, computer engineering, mechanical
engineering, electronics, communication engineering, and
management. The institute has diversified its courses by offering
diploma programmes in engineering, hotel management, and mass
communication.

SERS reported a net surplus of INR9.8 million on net receipts of
INR69 million for 2013-14, against a net surplus of INR0.2 million
on net receipts of INR33 million for 2012-13.


SHIV COTTON: CARE Reaffirms B+ Rating on INR5.80cr LT Loan
----------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Shiv Cotton
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    5.80        CARE B+ Re-affirmed

Rating Rationale
The rating assigned to the bank facilities of Shiv Cotton
Industries (SCI) continues to remain constrained on account of its
short track record of operations, low net worth base, thin
profitability and leveraged capital structure. The rating is
further constrained on account of its constitution as a
partnership firm, its presence in a highly competitive &
fragmented cotton-ginning industry with limited value addition,
susceptibility of the operating margins to fluctuation in the
cotton prices and adverse changes in government policies and
working capital intensive nature of operations.

The rating, however, continues to favourably take into account the
experience of the partners, moderate debt coverage indicators,
moderate liquidity position and its proximity to the cotton
producing region of Gujarat.

The ability of SCI to increase its scale of operations while
moving up in the cotton value chain coupled with improvement in
its profitability and capital structure remain the key rating
sensitivities.

SCI was incorporated in November 2011 as a partnership firm by 12
partners for setting up of new cotton ginning and pressing unit
with the installed capacity of 7,668 metric tonnes per annum
(MTPA). The manufacturing plant is situated at Babra (District:
Amreli), Gujarat. SCI commenced its operations from July 2012
onwards.

During FY14 (refers to the period April 1 to March 31), SCI
reported a total operating income (TOI) of INR55.76 crore with a
PAT of INR0.04 crore as against TOI of INR28.28 crore with a PAT
of INR0.02 crore during FY13.


SHREE SECO: CARE Reaffirms C Rating on INR5.01cr LT Loan
--------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shree Seco Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    5.01        CARE C Reaffirmed
   Long-term/Short term Bank    6.50        CARE C/CARE A4
   Facilities                               Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Shree Seco Private
Limited (SSPL) continue to remain constrained due to continuing
cash losses resulting into negative networth. The ratings further
remained constrained due to leveraged capital structure, stressed
liquidity position, susceptibility to volatile raw material prices
and intense competition in the fragmented edible oil industry
coupled with seasonal nature of operations.

The ratings, however, continue to factor in the wide experience of
the promoters in the edible oil extraction industry.
Improvement in the overall financial risk profile in light of the
competitive nature of the industry is the key rating sensitivity.

Jaipur (Rajasthan) based SSPL, formerly known as Shree Containers
Private Limited, was incorporated in 1971 by Mr Saroj Khemka and
Mr Ramesh Khemka. SSPL is mainly engaged in the extraction and
refining of mustard oil from mustard/rapeseed seeds at its
manufacturing facility located at Jaipur with a capacity to
produce 11,540 Metric Tonnes Per Annum (MTPA) of edible oils.
Furthermore, the company also manufactures tin containers with an
installed capacity of 6000 tins per day and pet bottles which is
used for captive consumption. SSPL has seed crushing capacity of
300 Metric Tonnes Per Day (MTPD) to manufacture crude oil and de-
oiled cake (DOC) and has oil refining capacity of 50 MTPD as on
March 31, 2014.

SSPL sells edible oil in the domestic market, while DOCs extracted
from rapeseed/mustard seeds are sold to Export Oriented Units
(EOU's) which supplies to various East Asian markets such as
Vietnam, Singapore, China, Korea and Indonesia. SSPL sells edible
oil under the brand name 'Mangal' and 'Tulsi' in the retail
market.

During FY13 (refers to the period April 1 to March 31), the
company shifted its plant from Durgapura, Jaipur to Padasoli,
Jaipur and the land at Durgapura got vacant. SSPL decided to
venture into real estate activities in order to utilize the vacant
land and for this purpose it converted its leasehold land
measuring 15,607 square mtrs situated at Durgapura, Jaipur (from
where the manufacturing facilities were shifted) from capital
asset into stock in trade on December 20, 2012.

During FY14, the company entered into joint venture agreement with
Adarsh Buildestate Ltd. for the construction of residential flats
on the said land and has received INR12 crore as deposit from the
said entity.

During FY14, SSPL reported a total operating income of INR180.76
crore (FY13: INR163.02 crore) with net loss of INR3.64
crore (FY13: INR2.99 crore). Furthermore, as per the provisional
results for 11MFY15, it reported a total operating income
of INR145.04 crore.


SINTEX INDUSTRIES: Moody's Assigns Ba2 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned a Ba2 corporate family rating
to Sintex Industries Ltd, a diversified Indian manufacturing
company.  The outlook for the rating is stable.  This is the first
time Moody's has assigned a rating to Sintex.

The Ba2 rating reflects Sintex's diversified product mix and
international customer base in textiles and plastic moulding and
the solid margins and cash flow these activities generate.

Sintex is currently in the early stages to expand its yarn
capacity in India.  The funding mix for this project is likely to
see leverage climb towards 4.5x-5.0x in the financial year ended
March 31, 2016 from the level of 3.9x at March 31, 2014, although
we expect leverage to level off to around 4.0x-4.5x thereafter.

The strength of Sintex is derived from its original Indian
operations which produce a range of high-end fabrics, fibre
reinforced mouldings and large size plastic mouldings including
its well-known water tanks. Its products continue to focus on
basic community needs which are often the focus of Government
projects and incentives, such as water supply, sewage treatment,
pre-fabricated school and medical buildings and low cost housing
where it has been a leader in adopting plastics technology to
provide solutions and where it enjoys some pricing power. While
plastics has been the core business for Sintex, its diversified
manufacturing operations and servicing to wide range of end-user
markets strengthens its positions.

Another growth driver is the gradual move from metal to plastics
parts in the automotive and transport sectors and electrical
equipment industries. With this customer base in mind, Sintex has
grown its plastics division internationally and domestically,
largely through acquisition, starting in 2007. This has further
broadened its range of plastic processes.

While Sintex now has a broad customer base of well-known
industrial names and automotive OEMs and Tier 1 suppliers, the
market is more competitive and the labour costs in Europe are
higher, resulting in dilution of Sintex's overall EBITDA margins.

Notwithstanding the acquisitions and capex of recent years
resulting in negative free cash flow (FCF) in the last three
years, Sintex has kept gearing and leverage to relatively low
levels as a result of strong cash flow and equity raising through
placements and convertible bonds.

The expansion of the textile business currently underway in
Gujarat takes advantage of Government tax and interest rate
incentives, but the funding ratio of 3 parts debt to 1 part equity
will lead to higher leverage. The focus is on increasing its yarn
output not only to replace purchased yarn but to export yarn to
China and other markets in Asia. While there is some execution
risk to the expansion, the programme is being done in phases which
will allow Sintex to balance its throughput after each stage.

The ratings are stable reflecting our expectation that the textile
expansion proceeds as planned and there is no material slippage in
the performance of the plastics and other divisions. The superior
margins currently serve to mitigate the relatively small scale of
the business.

The ratings are unlikely to be upgraded in the near future while
the capex in the textile business leads to a peak in leverage and
the scale of the group remains modest in global terms. Thereafter,
the ratings could be upgraded. Credit metrics that could result in
an upgrade include: i) Debt/EBITDA falls below to 3.0x to 3.5x;
ii) EBITA/interest expense in excess of 4.0x and iii) FCF/Debt
moves above 5% absent any equity injections or other one-off debt
reductions, all on a sustained basis.

The ratings could be downgraded if the margin of the overall
business deteriorates due to rising labour and raw material costs
or pricing pressure. These effects would most likely occur in its
European plastics operations where economic growth remains weak or
as a result of its textile expansion failing to meet its targets.
Additionally, the rating could be downgraded if further
acquisitions or large scale capex are undertaken alongside the
textile expansion that would exacerbate leverage. Credit metrics
that might result in a downgrade include i)EBITA margin declining
below 13%, ii) Debt/EBITDA rising above 4.5x-4.7x iii)
EBITA/interest falling below 2.5x, all considered on a sustained
basis.

The principal methodology used in this rating was Global
Manufacturing Companies published in July 2014.

Incorporated as Bharat Vijay Mills Ltd (BVML) in 1931, Sintex is
an Indian-based manufacturer of textile yarn and fabric and a
producer of plastic mouldings and structures, with operations in
nine countries. Sintex reported revenue of INR58.8 billion
($960million) in FY2014. Listed in 2000 on the National Stock
Exchange (NSE), it is 37.7%-owned by the Patel-family promoter
group as of 4 February, with a market capitalization of INR48.4
billion ($778 million) as on 23 March.


SINTEX INDUSTRIES: S&P Assigns 'BB-' CCR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit rating to Sintex Industries Ltd.
The outlook is stable.  Sintex is an India-based manufacturer of
plastic products.

"The rating reflects Sintex's limited geographic diversification,
high working capital needs, and a likely increase in capital
expenditure over the next 12-18 months for a new independent
spinning unit," said Standard & Poor's credit analyst Katsuyuki
Nakai.  "The favorable prospects for Sintex's domestic business,
and the company's stable profit margin temper these weaknesses."

Sintex's moderate size and limited geographic diversity constrain
its business risk profile, which S&P assess as "fair."  The
company derives 74% of its revenue from India. Government
contracts account for 30%-35% of the revenue.  Sintex has high
working capital needs because payment terms from the government
and allied agencies are usually three to six months.  In addition,
Sintex's business scale is smaller than that of major global
building material companies.

S&P believes the Indian government's policy for strengthening
social infrastructure is likely to support Sintex's domestic
building product business.  In addition, S&P anticipates that
demand in the company's domestic custom-moulding segment will
continue to grow, backed by India's steady economic growth and
increasing use of plastic products in key segments such as
automobile, electricity, and infrastructure.

Sintex has a strong position in India's building products market,
with a nationwide service network and good track record of
handling government projects.  Sintex's pan-India manufacturing
facilities and dealers enable it to cater to a larger customer
base in a timely manner.

S&P expects Sintex's operating profit margin to remain stable over
the next 12 months at least.  This mainly reflects the company's
good flexibility regarding expenses.  A strong order book in the
monolithic segment of about Indian rupee (INR) 6.8 billion
provides visibility for Sintex's earnings.

S&P do not expect Sintex's proposed independent spinning unit to
materially change the company's business risk profile.  Growing
demand for yarn, the company's cost competitiveness, and favorable
government policies should continue to support the company's
operations.  However, S&P anticipates that Sintex's financial
ratios will weaken in fiscal 2016 (year ending March 2016) as a
result of the high capital expenditure for the spinning project.
S&P expects Sintex's debt-to-EBITDA ratio and the ratio of funds
from operations (FFO) to debt to remain commensurate with the
"aggressive" financial risk profile category for the next two to
three years.

S&P expects Sintex to have steady cash flows and minimal capital
expenditure in fiscal 2017, supporting S&P's assessment of the
company's financial risk profile.  S&P also sees a low likelihood
that Sintex will make large strategic acquisitions during the
period.  S&P expects Sintex's foreign currency risk to be
manageable, given the company's likely increase in export revenue
once the new textile plant becomes operational.

In S&P's view, Sintex's credit profile is stronger than that of
most of its industry peers in the 'B' rating category because of
the solid prospects for earnings growth.  The favorable market
conditions and the company's strong market position support S&P's
view.  S&P therefore assigns a positive score to Sintex in S&P's
comparable rating analysis.

"The stable outlook factors in our expectation that Sintex will
maintain good profit margins over the next 12-18 months backed by
favorable industry conditions and the company's steady market
position," said Mr. Nakai.  "The outlook also reflects our view
that Sintex's high capital spending for its spinning project will
not severely weaken its financial strength."

S&P could lower the rating if Sintex's ratio of FFO to debt
declines below 15% for a prolonged period.  This could happen
because of significant operational delay in the spinning project
or large strategic acquisitions.  S&P could also downgrade the
company if it perceives that its competitive position has severely
weakened as a result of any significant change in the policies of
the Indian government.  Rating pressure will also increase if
Sintex has significant exposure to foreign currency risk for its
debt.

S&P may raise the rating if: (1) Sintex maintains a conservative
financial policy in its strategic acquisitions and capital
spending; and (2) the company's textile business generates stable
earnings, resulting in its ratio of FFO to debt exceeding 20% on
sustainable basis.  However, this scenario is not likely in the
next 12 months, in S&P's view, given the expected deterioration in
Sintex's financial strength due to higher capital expenditure in
fiscal 2016.


STAR IRIS: CARE Lowers Rating on INR4.8cr LT Loan to B+
-------------------------------------------------------
CARE revises/reaffirms rating assigned to the bank facilities of
Star Iris Exports Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    4.80        CARE B+ Revised from
                                            BB-

   Long-term/ Short-term Bank   6.00        CARE B+/CARE A4
   Facilities                               Revised from
                                            CARE BB-/Reaffirmed

Rating Rationale
The revision in the long-term rating of the bank facilities of
Star Iris Exports Private Limited's (SIEPL's) factors in its
decline in the scale of operations with net losses in FY14 (refers
to the period April 1 to March 31), deterioration in its capital
structure and debt coverage indicators. The ratings are further
constrained by susceptibility of SIEPL's profitability to
volatility in the raw material prices, foreign exchange
fluctuation risk and its presence in a highly competitive and
fragmented industry.

The ratings, however, derive strength from the experienced
promoters, locational advantage and moderate growth prospects for
menthol products.

Going forward, the company's ability to profitably scale up its
operations, improve its capital structure and effectively manage
its working capital requirements shall be the key rating
sensitivities.

SIEPL was incorporated on November 29, 2011, by Mr Shakun Gupta
and Mrs Renu Gupta. The company started commercial operations in
March 2012. The company is engaged in the manufacturing and
exporting of natural menthol, essential oils and aromatic
chemicals. The company has its manufacturing plant located at
Rampur, Uttar Pradesh, with an installed capacity of 1,500 metric
tonnes per annum (MTPA) as on March 31, 2014. The company procures
raw materials consisting of "Menthol" from the local farmers. The
end users of the products are pharmaceutical and cosmetic
industries. The company exports its products in the international
market mainly in China, France, Italy and USA. SIEPL is a
registered member of CHEMEXCIL (basic chemicals, pharmaceuticals
and cosmetics export promotion council) and Shellac & Forest
Products Export Promotion Council.

The company reported a total operating income (TOI) of INR21.64
crore with a PAT of INR-0.87 crore for FY14 as against INR34.27
crore with a PAT of INR0.48 crore. The company has achieved a TOI
of approximately INR12 crore till January 31, 2015.


SUPER AGRI: CARE Downgrades Rating on INR35cr LT Loan to B
----------------------------------------------------------
CARE revises/reaffirms rating assigned to the bank facilities of
Super Agri Seeds Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank               35.00       CARE B Revised from
   Facilities-Cash Credit (1)               CARE BB+
   Long-term Bank                1.13       CARE D Revised from
   Facilities-Term Loans (2)                CARE BB+
   Short-term Bank Facilities    1.00       CARE A4 Re-affirmed

Rating Rationale
The revision in the rating for the long-term bank facilities (1)
takes into account the deterioration in the liquidity profile of
the company on account of the stretched working capital position
led by extended collection period and a large working capital gap
and for (2) takes into account the delays in debt servicing. The
ratings continue to factor in funds blocked in
advances/receivables thereby exerting pressure on the working
capital position, dependence on vagaries of nature associated with
agro based industries, continuous investment required in research
& development and intense competition from large domestic and
global players. The ratings, however, are underpinned by the
satisfactory experience of the promoter, diversified product
profile, satisfactory capital structure and increased scale of
operation during FY14 (refers to the period July 01 to June 30).
The ability of the company to improve the liquidity profile with
recovery of debtors in a timely manner and reduction of the
working capital gap are the key rating sensitivities.

Super Agri Seeds Private Ltd (SASPL), promoted by Mr Ravi Srinivas
of Hyderabad, was originally started as a partnership firm in 1998
and later converted into a Private Limited company in 2003. SASPL
is engaged in production, processing and marketing of hybrid and
open pollinated seeds of various vegetables, field crops and
cotton. The company has two seed processing units having a total
capacity of 12 Tons per hour (tph) and also an R&D unit
(recognized by the Department of Scientific and Industrial
Research, Government of India) in Hyderabad. Also, it has about 55
acres of farm land which is used for research and development in
Andhra Pradesh (AP) and Karnataka.

During FY14, SASPL posted a PBILDT of INR23.93 crore (FY13:
INR23.89 crore) and PAT of INR17.50 crore (FY13: INR7.11
crore) on a total operating income of INR124.80 crore (FY13:
INR116.95 crore).


TEBMA SHIPYARDS: CARE Reaffirms 'B' Rating on INR237.19cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Tebma Shipyards Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities     237.19     CARE B Reaffirmed
   Short Term Bank Facilities    480.47     CARE A4 Reaffirmed

Rating Rationale
The ratings of Tebma Shipyards Ltd continue to be constrained by
sub-optimal utilization of its shipyard facilities, declining
order-book position leading to low revenue visibility, working
capital intensity of the business, stretched liquidity and weak
credit profile and cyclical nature of the shipbuilding industry,
which is currently facing a slowdown. Further the week credit
profile of the parent (Bharati Shipyard Limited) restricting the
financial flexibility of TSL also acts as a constraining factor.
The ratings continue to consider TSL's professionally qualified
experienced management and track record of TSL in the shipbuilding
industry. The ability of the company to tie up adequate working
capital funding so as to secure new orders and operate at optimal
levels remain the key rating sensitivities.

Tebma Shipyards Limited (TSL), incorporated on July 9, 1984 as
Tebma Engineering Private Limited, was converted into a public
limited company in 1998. Over the years, TSL has upgraded itself
to build tugs, dredgers and sophisticated support vessels.
DuringFY08-FY10(FY, refers to the period from April 1 to March
31), TSL incurred significant losses due to global slowdown in the
shipping industry leading to cancellation of orders, stoppage of
operations due to local unrest leading to delay in vessel delivery
and resultant liquidated damages, consequently leading to sub-
optimal utilization of the shipyard facility. The losses led to
complete erosion of the net-worth forcing the company to approach
the CDR cell. The CDR package was implemented on March 2011 with
State Bank of India being the monitoring institution.

In FY11, Bharati Shipyard Limited (BSL) through its wholly-owned
subsidiary acquired 53.78% equity stake in TSL. BSL has been in
the shipbuilding industry for nearly 35 years and over the years,
has upgraded itself to build tugs and sophisticated support
vessels, with the latest being jack-up rigs, catering to the
offshore industry. However, owing to high financial leverage and
deterioration in the liquidity profile, BSL has been referred to
the CDR cell in FY12.

Tebma Shipyards Limited achieved total operating income of
INR299.14 crore (PY INR393.97 crore) and posted a net loss of
INR66.69 crore (PY net profit of INR0.40 crore) in FY14 (refers to
the period April 1 to March 31). During H1 FY15, Tebma Shipyards
Limited, achieved total operating income of INR79.80 crore and
posted a net loss of INR20.11 crore.


UKN PROPERTIES: ICRA Assigns 'B' Rating to INR5.0cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the Rs 5.0
crore fund based facilities of UKN Properties Private Ltd. (UPPL).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans             5.0         [ICRA]B assigned

The rating assigned is constrained on account of the weak
financial profile characterized by net-losses, during FY14 and
modest debt protection metrics, limiting the scope of operational
and financial flexibility to an extent. Currently, the company is
undertaking the Belvista project, which is in mid-stages of
development, resulting in exposure towards execution risk,
customary to the nature of such real estate projects. Further, the
project has been partly debt funded, resulting in stretched
capital structure and also sizable repayment obligations falling
due in FY17. ICRA also takes note of the strong management and
operational linkages among UKN group concerns and the fact that
surplus funds from UPPL can be utilized towards funding the
financial commitments of the group concerns leading to liquidity
risk. This apart, the rating is further constrained on account of
competition risk from upcoming projects in the vicinity of the
project location.

The rating, however, positively factors in the long standing
experience of the promoters with more than two decades in the real
estate industry entailing development of over 1.5 million sqft
built-up area in residential, commercial and hospitality segment.
The rating takes comfort from the favorable project location,
Whitefield-Bangalore, coupled with premium amenities and
competitive pricing, which may aid in achieving healthy sales
velocity. The rating assigned also positively factors in the fact
that majority of approvals with respect to land development are
already in place, and the project has witnessed healthy booking
response during the initial phases of execution. The rating
assigned also takes comfort from the steady rental income from the
commercial properties.

Going forward, ability of the company to achieve healthy sales
velocity, maintain collection efficiency and execute the Belvista
project in a timely manner will be the key rating sensitivities.

UKN Properties Pvt. Ltd (UPPL), flagship entity of UKN group, was
incorporated in June, 1997, and is promoted by Mr. Gautam U
Nambisan, chairman of the company, with 99.45% shareholding. The
company holds majority of the UKN group companies and also has
major shareholding in the partnership firms of the group. The
group has presence primarily in real estate development, and has
till date developed over 1.5 million square feet of built-up area
in commercial, residential and hospitality segment.


VINAYAKA EDUCATIONAL: CRISIL Reaffirms B Rating on INR70MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Vinayaka
Educational Trust (VET) continues to reflect VET's small scale of
operations in the highly competitive education sector, its
susceptibility to regulatory changes in the sector, and its small
net worth. These rating weaknesses are partially offset by the
extensive experience of the trust's promoters in the education
sector and its stable stream of revenue from lease rentals.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             70        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VET will continue to benefit over the medium
term from its promoters' extensive experience in the education
sector. The outlook may be revised to 'Positive' if VET reports
substantial cash accruals, driven most likely by a significant
increase in fees or an increase in allotted student strength,
along with continuation of its high occupancy levels. Conversely,
the outlook may be revised to 'Negative' if the trust's liquidity
comes under pressure, caused most likely by reduction in lease
rentals or student occupancy levels, resulting in significantly
low cash accruals, or if it undertakes a large debt-funded capital
expenditure (capex) programme.

Update
For 2013-14 (refers to financial year, April 1 to March 31), VET
reported total revenue of INR44.4 million, broadly in line with
CRISIL's expectations. The trust generates revenue through two
streams - fees, and lease rental by leasing out 60,000 square feet
of its building to Vel's Institute of Science, Technology &
Advanced Studies (VISTAS; rated 'CRISIL B+/Stable'); lease rentals
contribute over 80 per cent of VET's total revenue. VET reported
total revenue of INR25 million for the seven months ended October
31, 2014. The trust's revenue is expected to remain modest over
the medium term as it has no plans to increase the number of
courses offered or the number of seats in the existing courses.

VET had a small net worth of around INR87 million as on March 31,
2014. However, its gearing was healthy at around 0.73 times as on
March 31, 2014. Gearing is expected to improve further over the
medium term on the back of absence of any debt-funded capex plans.
Low gearing and healthy cash accruals have resulted in above-
average debt protection metrics. For 2013-14, VET had interest
coverage and net cash accruals to total debt ratios of around 3.6
times and 0.42 times, respectively.

VET was established in 2002 by Dr. Isari Ganesh and his family.
The trust operates the Vinayaga Teachers Training Institute, which
offers graduate and postgraduate degree courses in education. It
has also leased a part of its building to one of its group
entities, VISTAS, and derives over 80 per cent of its revenue from
lease rentals.

Besides VET and VISTAS, the promoters also set up Vel Ganesh
Educational Trust (VGET; 'CRISIL BB/Stable') in 2007 and Vetri
Education Trust (Vetri) in 1993. VISTAS offers courses in over 14
streams and is affiliated to Vels University (deemed). VGET
operates the Vels International School (Billabong High) and Vetri
operates a kindergarten school.


====================
N E W  Z E A L A N D
====================


MANA RECOVERY: Goes Into Voluntary Liquidation; Closes Store
------------------------------------------------------------
Collette Devlin at The Dominion Post reports that a Wellington
charity that employs dozens of people with mental health problems
has been forced into voluntary liquidation after a District Health
Board withdrew funding.

The Mana Recovery Trust in Porirua, which runs second-hand store
Trash Palace, told its 35 employees it would cease operating next
month, according to The Dominion Post.

The report notes that Mana Recovery chair Alan Ellis said the
community organization, which had been operating for 18 years,
would wind up in late April.  It was proceeding into voluntary
liquidation.

Mana Recovery had provided social skills and vocational training
for people with a mental illness, Mr. Ellis said, the report
relays. It also provided work experience and supported employment
for people who had come through its training programs.

The report relays that Capital & Coast DHB withdrew its funding in
December last year after deciding to move to a new model of mental
health support.

The Mana Recovery board thought it could continue offering a range
of services to mental health consumers, the report notes.
However, the withdrawal of funding, along with increasingly
competitive markets, put too much financial pressure on the
organization.

"Since our DHB support funding ended last year, our staff,
volunteers and board have worked incredibly hard to find ways to
continue our services," the report quoted Mr. Ellis as saying.
"During the past year, we have tried various initiatives.  We have
reluctantly accepted it is no longer feasible to continue our
services without ongoing funding support."

"Voluntary liquidation will enable us to treat all our creditors,
including our staff, fairly," Mr. Ellis added, says The Dominion
Post.

The report adds that it is understood some employees were worried
about the welfare of supported workers with mental health
problems.

Service and Food Workers Union organizer Russell Taylor said
workers were too upset to comment.

It was unlikely the devastated workers would see much, if any,
redundancy pay because liquidators would use any cash to pay other
creditors first, the report relays.

The trust was in such a bad financial position it may not be able
to pay holiday entitlements to its workers, notes The Dominion
Post.

"We are outraged, this business is such an important part of the
community.  So many lives will fall apart.  This is a disaster for
the workers and the many volunteers who help here," the report
quoted Mr. Taylor as saying.

In the past year he had seen about 20 people benefit and return to
the workforce, the report notes.

The report relays that Porirua City Council asset management and
operations general manager Peter Bailey said it was now seeking a
new operator for Trash Palace.  Mr. Bailey would not discuss the
contract price because it was commercially sensitive.

Dr. Ashley Bloomfield, director of the 3DHB Service Integration
and Development Unit said the trust received funding from the DHB
to cover the salaries of three support people who provided a day
activity program for mental health clients of Capital & Coast DHB,
the report adds.


NEW ZEALAND BAPTIST: Fitch Assigns 'B+' IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR)
of 'B+' to New Zealand Baptist Savings & Development Society
Incorporated (Baptist Savings).  The Outlook is Stable.

KEY RATING DRIVERS - IDRs

Baptist Savings' Long-Term and Short-Term IDRs are constrained by
its high risk appetite, low levels of capitalisation and modest
earnings considering its risk profile.  These factors are partly
offset by the society's funding and liquidity strengths, niche
market focus and stable asset quality.

Baptist Savings' risk appetite appears higher than other lending
institutions' because there is a high concentration in church
lending - an area that other financial institutions traditionally
perceive to be of higher risk due to the potential for volatility
in gift and donation income.  Baptist Savings is also exposed to
high borrower concentration with the 10 largest accounting for 43%
of gross loans at the end of the financial year at 31 August 2014
(FYE14).  Provisioning levels are low, leaving the capital base
vulnerable to a downturn in asset quality.  The higher risk
appetite is partly mitigated by the low loan-to-value ratio (LVR)
across the portfolio and the society's conservative approach to
growth.

The society's capital position in absolute terms is small and its
capital ratios are weak relative to other similar-sized New
Zealand-based non-bank deposit taking (NBDT) institutions.
Outside of internal capital generation, there are limited sources
of new capital, which limits Baptist Savings' financial
flexibility.  The acquisition of Presbyterian Savings &
Development Society (PSDS) is likely to result in a modest
improvement in the ratios, although they will remain below that of
other NBDT institutions.

Fitch expects operating profitability to improve in FY15 following
the acquisition of PSDS and increase in Baptist Savings' scale.
However, the earnings uplift is likely to be partly offset by
increasing regulatory and compliance costs.  Profitability levels
are low relative to Baptist Savings' risk profile and limit its
capacity to absorb potential losses from any asset quality
downturns - this is a function of the society's focus as a
charitable lending organisations.  The increase in Baptist
Savings' cost-to-income ratio will stabilise with the increase in
scale, but could climb again if revenue growth does not outpace
the rising regulatory and compliance costs.

Baptist Savings' loans are fully funded by a combination of church
and household deposits.  There is some level of depositor
concentration.  The largest depositors tend to be churches or
church-related bodies that have the same strategic goals as
Baptist Savings.  Household deposits account for 50% of the
deposit base and tend not to be wholly motivated by investment
returns.  The reinvestment rates are typically high at around 90%
leading to a stable deposit base.  On-balance sheet liquidity is
adequate reflected in a loan-to-deposit ratio of 55.8% at FYE14.
However, Baptist Savings has no access to the repo-facilities of
the Reserve Bank of New Zealand.

Baptist Savings is a small financial institution with a simple and
transparent business model.  It focuses on providing loans to
church and church-related entities to further the interests of the
Christian community.  Baptist Savings has a small franchise with a
limited customer base, although it benefits from community
support.  Pricing power is moderate due to the niche market
segment.

Loan impairments and default have historically been very low and
are likely to remain at similar levels in FY15, reflecting Baptist
Savings' business model and work-out framework.  The strong ratios
are not reflective of the credit and concentration risk of Baptist
Savings.  In cases of hardship, loans are typically restructured
to reduce the financial burden and repayment amount for the
borrower.  Notwithstanding this, the amount of interest income
written off over FY11-FY14 has been low at NZD300,000 indicating
the solid performance of the loan book.

RATING SENSITIVITIES - IDRs

Baptist Savings' IDRs are sensitive to developments in New
Zealand's Christian community.  If economic or social conditions
were to materially weaken, leading to a sustained level of lower
gift and donation income and/or a reduction in congregation
numbers, Baptist Savings' ratings would face downward pressure.
There would also be negative pressure on the ratings if the member
churches and depositors lost confidence in the society, capital
levels declined and concentration risks increased.

A significant improvement in Baptist Savings' risk appetite, risk
controls and capital levels would be required for a positive
rating change, which is considered unlikely in the short to medium
term.

The rating actions are:

New Zealand Baptist Savings & Development Society Incorporated:
Long-Term Foreign Currency IDR assigned at 'B+'; Outlook Stable
Short-Term Foreign Currency IDR assigned at 'B'


=====================
P H I L I P P I N E S
=====================


PHILIPPINE WOMEN'S: Court OKs Start of Corporate Rehabilitation
---------------------------------------------------------------
Miguel R. Camus at the Inquirer.net reports that the Benitez
family of Philippine Women's University scored an initial victory
against Tanco-led STI Holdings after a Regional Trial Court in
Manila issued a commencement order that suspends, among other
items, all debt claims against the 95-year-old university.

Inquirer.net relates that a court order dated March 20, 2015 came
after a petition for involuntary rehabilitation was filed on March
11 by Dr. Helena Benitez, a creditor of PWU and its longtime
chair.

This follows a disagreement between the Benitezes of PWU and STI
over the amount of money owed to STI Holdings, the report says.

In its filing, the Manila Regional Trial Court said "Philippine
Women's University, the debtor corporation, is hereby declared
under rehabilitation," Inquirer.net relays.

It also directed creditors to file verified notices of claims with
the court at least five days before the initial hearing date, set
on April 24, according to the report.

Inquirer.net says the order also suspends the enforcement of all
claims against PWU.

It also barred PWU from making any payment of its liabilities as
of the commencement date, which will "retroact to the date of the
filing of the petition," the report states.

According to Inquirer.net, the Benitez family, in a statement on
March 23, welcomed the development, saying this would ensure the
continued operations of PWU.

It added that the commencement order would invalidate the auction
of PWU properties which was won by STI Holdings when it bid
uncontested after filing for foreclosure of the PWU campuses on
Taft Avenue and Indiana Street in Manila, Inquirer.net relays.

As reported in the Troubled Company Reporter-Asia Pacific on
March 18, 2015, Inquirer.net said the 100-year-old matriarch of
the Benitez family has filed a petition for the involuntary
rehabilitation of Philippine Women's University (PWU), seeking to
prevent irate creditor STI Holdings from seizing assets
after a soured partnership.

According to the report, PWU said in a statement that the
university chair Helena Benitez -- also a long-time creditor of
the university -- filed a petition for corporate rehabilitation at
the Manila Regional Trial Court "in a bid to preserve its
operations after STI Holdings initiated foreclosure proceedings
against the university."

Inquirer.net related that the matriarch also said that the
foreclosure proceedings would prevent PWU from paying its debts
and would render it insolvent. "The foreclosure proceedings
. . . will also drastically disrupt and stop PWU's school
operations," Inquirer.net quotes Ms. Benitez as saying.

Inquirer.net said STI Holdings recently initiated extra-judicial
foreclosure proceedings against PWU covering its Taft Ave. and
Indiana St. campuses in Manila, the Jose Abad Santos Memorial
School (JASMS) campus on Edsa, Quezon City and another property in
Davao City.

The Philippine Women's University is a private non-stock, non-
profit, non-sectarian educational institution based in Manila.



=================
S I N G A P O R E
=================


VELA DIAGNOSTICS: In Judicial Management; 150 Jobs at Risk
----------------------------------------------------------
Olivia Ho at The Straits Times reports that the future of about
150 employees of Vela Diagnostics now hangs in the air after the
firm came under judicial management.

The report relates that the staff of Vela Diagnostics have learnt
that there may be insufficient funds to pay their salaries until
the company can secure funding from investors.

According to the report, Vela came under interim judicial
management on Feb 10. In a court session on March 18, its lawyers
from RHTLaw Taylor Wessing said the firm became insolvent after
its primary investor pulled out at the end of last year, the
report says.

Judicial management is a corporate restructuring regime meant to
give an insolvent firm breathing space. If the court decides there
is a reasonable probability of rehabilitating the firm -- which
would better serve its creditors' interests than winding it up --
a judicial manager is appointed to manage the company's affairs.
The judicial management period can last up to 180 days, or about
six months, The Straits Times notes.

Vela employees The Straits Times spoke to said they were last paid
in February, but were told their wages from this month onwards
could not be guaranteed.

When asked about his employees' concerns over their future and
salary, Vela chief executive Michael Tillmann said, without
elaborating, in an e-mail: "All staff has (sic) been paid
according to the judicial management laws of Singapore," the
report relays.

The Straits Times adds that Mr. Tillmann also said the firm is "in
the process of getting fresh investors in to keep the business
going". He hopes that the problem will be resolved soon.

Judicial manager Andrew Grimmett, executive director at Deloitte &
Touche, declined to comment, the report notes.

Vela Diagnostics, a molecular diagnostics company, was founded by
Mr. Tillmann in 2011. It comprises three entities -- Vela
Holdings, research arm Vela Research and manufacturing arm Vela
Operations -- as well as subsidiaries in Germany, the United
States and Australia. Vela employs more than 200 staff worldwide,
about 150 of whom are in Singapore. The Straits Times says six
employees here have resigned since interim judicial management was
announced.



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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